Core Viewpoint - Nvidia, the dominant player in the global AI chip market, has seen its market share in China drop from 95% to 0% due to tightening U.S. export controls, prompting the company to make various adjustments to its product offerings and strategies [2][5][10]. Group 1: Market Dynamics - Nvidia's market share in China's AI chip market was approximately 85% in 2022, with over 90% in the core area of large model training [5][6]. - The introduction of U.S. export controls in October 2022 marked a turning point, leading Nvidia to release adjusted versions of its chips, such as the A800 and H800, to maintain market presence [6][8]. - By 2023, further restrictions included the A800 and H800, forcing Nvidia to launch even lower-performance chips like the H20, which were referred to as "the most stripped-down version" [8][10]. Group 2: Financial Performance - Cambrian (寒武纪) reported a staggering 1332.52% year-on-year increase in revenue for Q3 2025, reaching 1.727 billion yuan, and a net profit of 567 million yuan, compared to a loss of 194 million yuan in the same period last year [3][17]. - For the first three quarters of 2025, Cambrian achieved a total revenue of 4.607 billion yuan, a 2386.38% increase from 185 million yuan in the same period last year [17][19]. Group 3: Competitive Landscape - The absence of Nvidia's high-end products has created a significant market vacuum, allowing domestic companies like Cambrian and Huawei's Ascend series chips to emerge as strong alternatives [17][20]. - AMD is also actively seeking opportunities in the Chinese market with its MI300 series AI chips, indicating a shift towards a more competitive landscape with multiple players [20]. Group 4: Strategic Shifts - Nvidia's global strategy is shifting, with a focus on domestic manufacturing in the U.S. and rapid iteration of its AI chip products, such as the new Blackwell platform, which boasts 208 billion transistors [14][12]. - Despite the advancements in product development, Nvidia's latest offerings appear to be increasingly isolated from the Chinese market due to ongoing export restrictions [14][15].

经济观察报记者 郑晨烨 2025年10月6日，在纽约Casa Cipriani酒店举行的Citadel Securities全球市场未来会议上，英伟达创始人黄仁勋在聊到中国市场的时候，丢出了一个数字。 黄仁勋说，受美国出口管制影响，英伟达在中国人工智能（AI）芯片，即用于驱动大模型进行思考和计算的核心硬件的市场份额，已经从95%降到了0%。 这句话，很快就从会场传了出去。过去两年多来，英伟达这家全球AI芯片领域的绝对主导者，在美国不断收紧的出口管制红线下疲于奔命，为了在规则内 寻找到哪怕一点空间，黄仁勋做了很多努力。 当A100、H100芯片被限制，英伟达马上推出了性能经过调整的A800和H800，作为面向中国市场的"特供版"。几个月后，A800和H800也被列入限制清单， 英伟达又接着推出了阉割版中的阉割版——H20。 与此同时，黄仁勋本人也在不同场合发声，提醒美国决策者，"伤害中国的事情，往往也可能伤害美国"。他亦反复强调，失去中国这个"独一无二"的市场， 对任何美国公司都是巨大损失。 市场一直在观察这些应对措施的效果，但这一次，从黄仁勋口中说出的"归零"，相当于为英伟达在过去两年来的种种努力，画上了一个 ...

Core Insights - Nvidia's CEO Jensen Huang stated that the company's market share in China's advanced AI accelerator market has plummeted from approximately 95% to 0% due to ongoing U.S. export controls [1][3] - Nvidia has effectively exited the Chinese market, with Huang indicating that the company has removed China from its business forecasts [4] - The U.S. government's export restrictions have significantly impacted Nvidia's data center GPU product line, which previously contributed 20% to 25% of the company's data center revenue [3] Group 1: Market Impact - Nvidia's data center business revenue exceeded $41 billion, reflecting a year-over-year growth of 56% [3] - The rapid decline in market share highlights the unexpected speed of market changes due to policy decisions [3] - Huang expressed concerns that the U.S. has lost access to one of the largest markets globally, with the current policies leading to a complete market exit [3] Group 2: Industry Trends - The AI industry is showing signs of fragmentation, with Chinese tech companies increasingly turning to domestic chips and alternative hardware in response to export restrictions [3] - Huang warned that comprehensive restrictions could accelerate the development of competitive alternative products within China [3] - The shift towards domestic solutions indicates a significant transformation in the demand landscape and supply chain dynamics for AI infrastructure in China [3]

Core Viewpoint - Nvidia's CEO Jensen Huang emphasizes the importance of the Chinese market for the company's growth, predicting a 50% increase in China's AI industry next year and expressing a desire to re-enter the market despite regulatory challenges [4][8]. Group 1: Nvidia's Market Strategy - Nvidia is considering introducing its advanced Blackwell processors to China, highlighting the potential for significant revenue from this market, estimated at $50 billion this year [4][8]. - Huang acknowledges the competitive landscape in China, stating that local companies are becoming increasingly capable and that Nvidia must act quickly to regain market share [8][9]. - The company has faced export restrictions from the U.S. government, which complicates its ability to sell high-end chips to China, necessitating licenses for exports [9][10]. Group 2: Financial Performance - Nvidia reported a revenue of $46.743 billion for the second quarter of fiscal year 2026, a 56% year-over-year increase, with a net profit of $26.422 billion, up 59% [17]. - Despite exceeding revenue expectations, Nvidia's data center business has seen two consecutive quarters of revenue below projections, raising concerns about future growth [19]. - The new Blackwell chip series has shown a 17% quarter-over-quarter revenue increase, but the overall market dynamics are shifting, leading to a more cautious outlook [19][22]. Group 3: Competitive Landscape - By 2024, major Chinese internet companies like ByteDance, Tencent, Alibaba, and Baidu are expected to account for 87% of H20 chip purchases, indicating a strong local demand for AI chips [12]. - The self-sufficiency rate of domestic AI chips in China is projected to rise from 10-15% in 2023 to nearly 50% by 2026, reflecting the growing capabilities of local manufacturers [12]. - The introduction of the B40 chip, which is designed to comply with U.S. export regulations, shows Nvidia's attempt to adapt to the changing market while maintaining some competitive advantages [20][22].

刚获得对华出口H20芯片许可的美国AI芯片企业英伟达公司（NVIDIA）被约谈。 8月1日消息，据网信中国消息，近日，英伟达算力芯片被曝出存在严重安全问题。此前，美议员呼吁要 求美出口的先进芯片必须配备"追踪定位"功能。美人工智能领域专家透露，英伟达算力芯片"追踪定 位""远程关闭"技术已成熟。为维护中国用户网络安全、数据安全，国家互联网信息办公室于7月31日约 谈了英伟达公司，要求英伟达公司就对华销售的H20算力芯片漏洞后门安全风险问题进行说明并提交相 关证明材料。 针对此次约谈，笔者获悉，8月1日凌晨，NVIDIA发言人对笔者展示一份回应称："网络安全对我们至 关重要。NVIDIA的芯片不存在'后门'，并不会让任何人有远程访问或控制这些芯片的途径。" "Cybersecurity is critically important to us. NVIDIA does not have 'backdoors' in our chips that would give anyone a remote way to access or control them." 据悉，H20是英伟达基于上一代Hopper架构、 ...