Core Viewpoint - Nvidia's strategic shift to the Blackwell architecture in response to U.S. export restrictions aims to maintain its market position in China while adapting to regulatory challenges [2][4][6] Group 1: Nvidia's Blackwell Architecture - The Blackwell architecture, particularly the B300 chip, utilizes TSMC's 4NPT SMC process and features a 10TB/s interconnect technology, achieving a 1.8TB/s bidirectional NVLink bandwidth [2] - The B300 chip's FP4 performance is 1.5 times better than its predecessor, with a focus on doubling computational power and model scale at 4-bit floating-point precision [2][3] - To comply with U.S. regulations, the Blackwell special chip will replace HBM high-bandwidth memory with GDDR7, resulting in an estimated 30% performance reduction compared to the original Blackwell [2][3] Group 2: Market Dynamics and Competition - Despite the limitations of the Blackwell special chip, its FP4 computing power exceeds that of the H20 chip by over 2.5 times, particularly in vertical model inference scenarios [3] - Nvidia's revenue from the Chinese market is projected to reach $17 billion in 2024, accounting for 13% of its total sales, highlighting the importance of this market [3][4] - Domestic AI chip companies like Huawei Ascend are rapidly emerging, with the Ascend 910B achieving 320 TFlops FP16 computing power and a 75% reduction in training costs [4] Group 3: Strategic Responses and Future Outlook - Nvidia's dual-track strategy includes launching a downgraded version of the H20 to fill supply gaps while accelerating the development of the Blackwell special chip, expected to be delivered by the end of 2025 [3][4] - The U.S. ban on Ascend chips is accelerating the domestic replacement process in China, with predictions that domestic AI chip market share will rise from 12% in 2023 to 25% by 2025 [4] - Nvidia's CEO Jensen Huang emphasizes the importance of the Chinese market and is expanding R&D efforts in Shanghai, indicating a commitment to adapting to local market needs [4][5] Group 4: Technological Innovations and Market Trends - The introduction of the Blackwell architecture is expected to drive AI chip technology into a high-density computing era, necessitating innovations in cooling technology due to the B300's 1400W power consumption [5] - The global liquid cooling market is projected to exceed $15 billion by 2025, driven by the need for advanced data center infrastructure [5] - The ongoing U.S. negotiations regarding chip exports may provide alternative procurement pathways for China, but long-term restrictions on computing power output are likely to strengthen domestic chip development [5][6]