华夏时报记者石飞月北京报道 "向商业客户供应H200是一种值得肯定的举措。"12月9日，在被问及H200被美国政府解禁一事时，英伟达方面这样回复《华夏时报》记者。当日，环球网 引述外媒报道称，美国总统特朗普在社交媒体上发文宣布，美国政府将允许英伟达向中国出售其H200人工智能芯片。 受此利好消息影响，当地时间12月8日，英伟达股价在盘后涨2.34%，目前其市值为4.51万亿美元，仍居全球第一。然而这次解禁是有条件的，美国政府将 从英伟达销售所得收益中抽取分成。在业内人士看来，H200如果能够回归中国市场，英伟达还会在整个产业中占据重要地位，但市场份额或很难再回到 曾经的高峰。 有条件解禁高端芯片 其实在上个月，就有消息传出，称特朗普政府正考虑批准向中国出口英伟达的H200人工智能芯片。H200芯片被称为英伟达已面世芯片中"性能第二 强"的，英伟达更领先的芯片是Blackwell和即将面世的Rubin。 由于这几年对华出口芯片政策的不断收紧，英伟达的AI芯片接连被迫"舍弃"中国市场，从一开始的A100、H100，再到"阉割版"的A800和H800，今年轮到 了进一步的"阉割版"H20。H200发布于2023年1 ...

由于这几年对华出口芯片政策的不断收紧，英伟达的AI芯片接连被迫"舍弃"中国市场，从一开始的 A100、H100，再到"阉割版"的A800和H800，今年轮到了进一步的"阉割版"H20。H200发布于2023年11 月，可以说从来未被美国政府允许过在中国市场流通。 在H20重返中国市场前景尚不明朗之际，美国政府的解禁考虑却直接指向了性能更高的H200，其背后的 政策逻辑令人深思。 不过，在看到特朗普列出的"条件"时，一切似乎又变得"合理"。特朗普表示，美方将从相关芯片出口中 收取25%的分成。他还称，美国商务部正在敲定相关安排细节，同样的安排也将适用于超微半导体公 司、英特尔等其他人工智能芯片公司。 对于英伟达来说，被美国政府抽取25%的分成，必然是影响其自身收入的，但如果没有这样的妥协，或 许英伟达还将继续缺席中国市场。《华夏时报》记者就此采访了英伟达方面，对方表示暂无更多细节可 分享。 在芯片禁令之前，来自中国市场的收入一度占到英伟达总收入的五分之一，而今年10月，黄仁勋指出， 英伟达在中国的市场份额从95%降到0%（高端AI芯片），该公司已100%离开了中国市场："我们（美 国）实施的政策，导致美国失去了 ...

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].

Core Insights - Nvidia's market share in China's AI chip sector has plummeted from 95% to 0% due to U.S. export controls [2][3] - The emergence of domestic competitors like Cambricon, which reported a staggering 1332.52% revenue increase in Q3 2025, highlights the significant market opportunity left by Nvidia's exit [3][20] - The shift in market dynamics indicates a transition from Nvidia's dominance to a more competitive landscape with multiple players [25] Nvidia's Market Position - Nvidia previously held approximately 85% of the AI accelerator card market in China, with over 90% in the large model training segment [6] - The introduction of adjusted performance chips like A800 and H800 initially helped Nvidia maintain some market presence, but these too were later restricted [9][10] - The company's latest chip, Blackwell, represents a shift towards U.S. domestic manufacturing, distancing itself from the Chinese market [18][19] Financial Performance of Competitors - Cambricon's Q3 2025 revenue reached 1.727 billion yuan, a 1332.52% increase year-over-year, with a net profit of 567 million yuan compared to a loss of 194 million yuan in the previous year [20][21] - For the first three quarters of 2025, Cambricon's total revenue was 4.607 billion yuan, a 2386.38% increase from 1.85 billion yuan in the same period last year [20] - Despite significant revenue growth, Cambricon reported a negative cash flow from operating activities of -29 million yuan [23] Market Dynamics and Future Outlook - The absence of Nvidia's high-end products has created a substantial market vacuum, allowing domestic companies to fill the gap [22][24] - The AI chip market is evolving, with a shift from training to inference, where domestic chips are gaining a competitive edge [23] - The competitive landscape is diversifying, with companies like Huawei and AMD also positioning themselves as viable alternatives in the market [24][25]

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].

Core Viewpoint - NVIDIA has faced scrutiny regarding the security of its H20 AI chips, which are designed for the Chinese market, following concerns about potential backdoors and remote access capabilities [2][4][5]. Group 1: Security Concerns and Government Actions - The National Internet Information Office of China has summoned NVIDIA to explain the security risks associated with the H20 chip, particularly regarding potential backdoor vulnerabilities [2]. - NVIDIA has responded by asserting that its chips do not contain backdoors and that cybersecurity is a top priority for the company [2][4]. - The U.S. government has assured NVIDIA that it will issue licenses for the export of H20 chips to China, indicating a potential easing of previous restrictions [6]. Group 2: Market Dynamics and Financial Implications - Despite the H20 chip's performance being lower than the latest Blackwell architecture, it still outperforms most domestic AI chips in China and supports NVIDIA's software ecosystem, making it highly sought after by major internet companies [3]. - NVIDIA has received approximately $18 billion in orders for the H20 chip as of April 2023, highlighting strong demand in the Chinese market [3]. - The company's revenue from China reached $17.108 billion in the fiscal year ending January 2024, marking a 66% increase from the previous year [4]. Group 3: Strategic Insights from Leadership - NVIDIA's CEO Jensen Huang has expressed that the U.S. export restrictions have hindered the company's data center business in China and that the assumption that China cannot manufacture AI chips is incorrect [4]. - Huang believes that the restrictions may inadvertently enhance the competitiveness of Chinese chip manufacturers in the global market [4]. - He has also noted that China possesses a strong talent base and cultural emphasis on science and mathematics, positioning it well for success in AI [6]. Group 4: Regulatory and Competitive Landscape - NVIDIA is currently under investigation by Chinese regulatory authorities for potential antitrust violations, indicating ongoing scrutiny of its market practices [7]. - The U.S. Senate has raised concerns about the implications of NVIDIA's H20 chip exports for Chinese AI development, suggesting that these exports could bolster China's competitive edge [8]. - The company's stock price has seen a slight decline, with a market capitalization of $4.34 trillion as of July 31 [10].