Nvidia's strategic position may be threatened by the trade war with China.Nvidia (NVDA -3.01%) announced a $5.5 billion hit to first-quarter results from restrictions on the company's chip sales to China. But the story is bigger than that. If China becomes self-reliant for AI chips, it could hurt Nvidia's position in the industry.*Stock prices used were end-of-day prices of April 16, 2025. The video was published on April 17, 2025. ...

老黄为何突然访华？ 除了贸促会的邀请，黄仁勋自己肯定也想尽快来华。还不是因为特朗普贸易战给闹得，黄仁勋真的急了。当然，也有DeepSeek的原因。 我们上周还报道过，原先在一场海湖庄园私人晚宴后，特朗普政府突然叫停对英伟达最新AI芯片H20的出口限制，令外界震惊。 据说，英伟达CEO黄仁勋参加了这场百万美元一席的筹款晚宴，承诺在美扩大AI数据中心投资，可能改变了特朗普的想法。 （左： 黄仁勋，右：中国贸促会会长任鸿斌） 除了生意，还有什么目的？ 英伟达CEO黄仁勋于2025年4月17日开始访华，新闻里的画面上，老黄居然穿起了西装，可见他有多重视此次访华，也或许是因为火热的中国市场和贸易 战，让老黄不得不换装了。 官方消息显示，黄仁勋本次访华是应中国贸促会的邀请。随后有消息称，黄仁勋会见了政府高层，还会见了英伟达的客户们，包括deepseek的创始人梁文 锋。 H20芯片虽然专为中国出口已经降级性能，但仍然优于中国多数国产AI芯片，今年第一季度已经抢购了160亿美元的H20库存。 然而事情变化得太快，英伟达向美国证券交易委员会提交的文件显示，美国政府通知英伟达，向中国等国家出口 H20 需要申请许可，将 "无限 ...

Group 1 - Major semiconductor companies, including Nvidia and AMD, experienced significant stock declines of approximately 7%, while Applied Materials, Lam Research, and KLA fell around 5% [1] - The semiconductor industry is facing numerous challenges, including fluctuating tariff policies, export restrictions on advanced AI chips to China, and a slow recovery in consumer electronics [3] - Nvidia's CEO Jensen Huang recently met with Chinese officials to discuss designing next-generation chips that comply with both customer needs and regulatory requirements [4] Group 2 - Nvidia's warning about the need for U.S. government approval for H20 chip exports to China has raised concerns, leading to a $5.5 billion provision for potential losses [5] - AMD has also indicated uncertainty regarding the licensing of its MI308 series chips for China, leading to an $800 million inventory provision [5] - The Biden administration's legacy includes a framework for AI export controls, which may complicate the future of U.S.-China semiconductor relations [6] Group 3 - The U.S. House of Representatives is investigating how Nvidia sold restricted chips to DeepSeek, citing national security concerns [7] - The ongoing supply chain investigations and potential tariffs on semiconductor components could further increase the U.S. trade deficit with affected economies [8] - Trump's recent directives to investigate the semiconductor supply chain under national security claims could lead to new tariffs, impacting both domestic and international semiconductor production [10] Group 4 - The uncertainty surrounding tariffs is already affecting the semiconductor industry, with companies like TSMC and ASML expressing concerns about the potential impact on their profit margins [13] - The loss of the Chinese market poses a long-term risk for U.S. semiconductor firms, as Chinese companies are increasingly filling market gaps left by U.S. firms [14] - Huawei's advancements in system solutions are positioning it as a significant competitor to Nvidia and AMD, with notable improvements in performance metrics [14][15] Group 5 - The competitive landscape for mature chips is intensifying, with China imposing tariffs on U.S. products, which could disadvantage American manufacturers with local production [15] - The production of mature chips remains critical for the evolution of semiconductor technology and the growth of the domestic supply chain [16] - Jensen Huang's recent visit to China underscores the importance of the Chinese market for Nvidia, highlighting the need for collaboration despite regulatory challenges [17]

寒武纪和海光信息的更新 20250116 摘要 • 英伟达因政策不确定性计提 55 亿美元费用，涉及约 55 万张 H20 芯片卡， 预计 2025 年上半年向中国交付 80 多万张，全年预计 120 万张。这或将 促使客户转向国产 AI 芯片，推动其量价齐升。 • 寒武纪和海光信息等国产 AI 芯片厂商在 2025 年初表现出增长确定性，寒 武纪计划在第三季度小批量供货公共安全领域专用推理芯片，海光信息也 有望推出新款高算力推理产品。 • 国内算力市场分层明显，国产卡种类日益丰富，能更精准匹配客户需求。 国产卡海外及国内供给能力超预期，寒武纪二季度预计出货量环比大幅提 升，既受益于需求，也得益于供给。 • 国产厂商目前主要绑定单一大客户，对需求端不利。寒武纪需拓展新客户， 预计 2025 年在运营商等新客户中实现增量，外部租赁 S 业务采购量下半 年或进一步提升。 • 大客户优先选择文字类模型，因早期推理卡显存带宽较低，更适合文字模 型推理。随着多模态模型发展，对图片和视频理解推理需求上升，国产卡 优势将更明显。 Q&A 英伟达最新的 H20 芯片许可政策对市场有何影响？ 英伟达在提交给公开文件中提到，美国 ...

Core Viewpoint - The U.S. government has imposed export controls on NVIDIA's H20 chip, which was specifically designed for the Chinese market, potentially impacting NVIDIA's supply to China and other markets [2][3] Group 1: Impact on Revenue - NVIDIA has reported that the export controls could affect over $10 billion in revenue, with a write-down of approximately $5.5 billion related to H20 GPU chips for export to China [4] - In the fiscal year ending January 2024, NVIDIA's revenue from China reached $17.108 billion, a 66% increase from $10.306 billion the previous year, making China its fourth-largest market [4] Group 2: Market Reactions - Following the announcement of export controls, NVIDIA's stock price fell over 6% to $105.36 per share, while competitors AMD and TSMC also saw declines of 7.07% and 1.96%, respectively [4] - The market had previously experienced fluctuations in sentiment regarding the H20 chip's export status, with speculation and optimism surrounding potential lobbying efforts by NVIDIA's CEO [5] Group 3: Supply Chain and Pricing Dynamics - The price of H20 servers surged from approximately 1 million yuan to nearly 1.4 million yuan due to increased orders from major Chinese tech firms amid fears of export restrictions [5] - Many vendors in Shenzhen have paused pricing for CPUs and GPUs, indicating a cautious market environment as stakeholders await further developments [5] Group 4: Long-term Risks and Domestic Alternatives - The geopolitical landscape poses a long-term risk for NVIDIA, as domestic Chinese companies are increasing their investments in local AI chip production, with ByteDance planning to purchase around 40 billion yuan worth of AI chips by 2025, significantly increasing its domestic supplier orders [6] - The U.S. export controls may accelerate the development of China's semiconductor industry, as local firms seek to innovate and fill the gaps left by foreign suppliers [7]

当地时间4月15日，英伟达股价涨1.35%，但盘后跌超6%。 4月15日下午，记者走访深圳华强北赛格电子市场了解到，GPU价格自上周起就在持续波动。不少销售显卡和做电脑装机生意的商家在店面摆出了英伟达显 卡，一名商家表示，英伟达40系及40系以下显卡都在涨价，有的卡涨了三四百元。还有商家表示，GPU和CPU涨价也影响到整台电脑的价格，根据配件型号 不同，整台电脑可能比一周前涨价几百元、一两千元。不过，商家也无法预测接下来的价格走势，因为关税等政策还在变动，市场需求还需要观望。 全球市值最大的半导体公司英伟达持续受到美国政策变动的扰动。 当地时间4月15日，英伟达在公告中表示，美国政府已告知英伟达，对于公司生产的H20芯片以及达到H20内存带宽、互联带宽的其他芯片，若出口到中国等 国家和地区需要获得许可证，且该许可证要求将无限期生效。当日，英伟达股价涨1.35%，但盘后跌超6%。 H20是英伟达旗下的AI芯片，H20原本就是英伟达针对中国市场推出的"特供"版本，性能上相比H100有所缩水。如果H20出口的相关许可不及时发放，客观 上将影响英伟达向中国等市场供货。而从需求看，今年全球多家云服务厂商还在加码AI布局 ...

软银的杀手锏之一是Arm。全球99%的手机采用Arm架构芯片，如今它正进攻数据中心市场。亚马逊、 谷歌、微软纷纷采用Arm计算平台来打造定制芯片。分析认为，软银要的，是让 Arm+Ampere+Graphcore组成"数据中心芯片铁三角"，甚至有希望在未来挑战英伟达。 近几年间，软银先后收购英国AI芯片独角兽Graphcore、美国芯片设计公司Ampere，加上此前已成为 Arm大股东——软银正建立起AI芯片帝国。 三家公司分工明确——Arm提供芯片处理器IP、Ampere主攻数据中心专用芯片、Graphcore专注AI加速 器芯片研发。 软银还联手OpenAI，先是宣布"星际之门"计划、"水晶智能"项目，此后豪掷300亿美元追加投资。孙正 义的目标只有一个：为超级人工智能（ASI）铺路。 孙正义预言：2035年，AI智慧将是人类的万倍！为此，软银布局四大核心——芯片、数据中心、机器 人、能源。而芯片，正是这场革命的心脏。 21世纪经济报道记者骆轶琪广州报道 他曾是英伟达最大股东，却在巅峰前抛售，错失万亿市值。如今，他带着AI芯片帝国卷土重来——软 银孙正义，这次能撼动英伟达的霸主地位吗？ 六年前，软银清仓英 ...

英特尔首席执行官陈立武表示："今天的公告反映了我们对提高关注、降低支出结构和加强资产负债 表的承诺。Altera将继续推进产品组合的重新定位，以参与FPGA市场中增长最快、利润最高的细分 市场。" Altera目前专注于FPGA（现场可编程门阵列）、CPLD（复杂可编程逻辑器件）和结构化ASIC技 术，产品应用于通信、数据中心和工业自动化等领域。 该交易预计将于2025年下半年完成，完成后，英特尔预计将把Altera的财务业绩从英特尔的合并财 务报表中剥离。2024财年，Altera营收15.4亿美元，GAAP毛利润3.61亿美元，GAAP运营亏损 6.15亿美元；非GAAP毛利润7.69亿美元，非GAAP运营利润3500万美元。 近年来英特尔面临诸多挑战，在先进制程方面落后于台积电和三星，CPU市场份额被AMD蚕食，在 AI芯片领域也远落后于英伟达。2015年，英特尔以近170亿美元收购Altera，希望借助其技术拓展非 传统CPU市场，增强在数据中心和物联网领域的竞争力。但Altera未能成为英特尔的增长引擎，没有 为其带来预期的业务突破。 从财务上看，此次出售Altera 51%的股份可以缓解英特尔部分 ...

1 、 《 DeepSeek时代，ASIC芯片加冕为王 》摘要 4 、 《 2025年中国汽车芯片产业链梳理及投资布局分析 》摘要 ■ 在电动化+智能化的强趋势推动下， 汽车芯片需求持续高速增长 ，产业链从上游材料、设备到中游 设计制造、再到下游整车智能系统已形成 自主可控的基本框架 。 ■ 产业链机会贯穿上游制造基础、中游芯片设计与制造、下游智能座舱与智驾应用， 推荐以"国产替 代+自主技术突破"为核心主线进行中长期布局。 5、《 金价暴涨，创5年来单日最大涨幅！金饰价重回960元/克 》摘要 ■ 当前黄金上涨是 美元信任削弱+全球避险需求释放+央行行为共振 的结果，不是简单的短线行情， 而是全球货币体系博弈下的"资产锚重估"。 ■ 当前黄金上涨并非虚高，而是" 制度性避险资产重估 "的体现，是全球资产配置逻辑和货币体系重构 下的战略趋势。 ■ GPT-4.5、Grok-3、Claude 3.5、LLaMA 4 等模型快速迭代，国内生成式AI用户突破 3亿 ，带来庞大 推理算力需求。 ■ NPU（边缘AI） 适用于终端设备，如车载、IoT、智能家居等，国产厂商（安谋、芯原、晶心）与 全球IP提供商（Arm、 ...

Core Viewpoint - Rapidus, a Japan-based semiconductor foundry, aims to mass-produce 2nm chips by 2027, with trial production lines starting on April 1, 2024. The company is in discussions with 40-50 potential clients, including major U.S. tech firms known as GAFAM [1][2]. Group 1: Production Plans and Partnerships - Rapidus plans to produce next-generation 1.4nm chips after the 2nm production, indicating a timeline of approximately 2.5 to 3 years for adopting next-generation technology [2]. - The Japanese government has committed to providing additional support to Rapidus, with a total aid amounting to 1 trillion 822.5 billion yen, including previous assistance [2]. - Rapidus is collaborating with Broadcom to provide trial samples of 2nm products, which could lead to semiconductor production for Broadcom's clients, including Google and Meta [2]. Group 2: Market Position and Competition - Rapidus aims to differentiate itself by achieving production speeds 2-3 times faster than TSMC, which currently dominates the advanced foundry market [1]. - NVIDIA's CEO has expressed interest in potentially outsourcing AI chip production to Rapidus, highlighting the growing need for diversified supply sources amid U.S.-China decoupling [3][5].