近日，有观点称三星电子的半导体业务困境（在先进制程代工与高带宽内存（HBM）供应领域，均未能获得英伟达等核心客户的大规模订单）或源于七年 前一次关键战略决策的失误。 但彼时三星集团实际负责人李在镕因深陷司法调查，无法与黄仁勋会面。这一事件不仅阻碍了双方高层直接沟通，也导致三星在关键节点上缺乏长远战略定 力。最终，三星电子拒绝了英伟达的全部提案。黄仁勋事后直言："三星无人愿与我讨论长期战略"，显露对合作落空的失望。 据悉，2018年，英伟达首席执行官黄仁勋曾秘密访问三星电子，提出三项深度合作计划：联合开发先进HBM内存、共同推进8纳米之后的先进制程代工技 术，以及协作建设CUDA软件生态系统。若当时达成合作，三星或能在高端半导体市场占据更有利地位。 目前三星在HBM市场的被动局面已反映在业绩中。2025年3月，SK海力士凭借AI芯片需求激增，超越三星成为全球最大DRAM供应商。为扭转颓势，三星 正加速HBM4技术研发，计划本月内向英伟达、AMD等客户提供样品，试图在下一代竞争中扳回一城。 半导体行业观察者指出，七年前的决策暴露出三星战略灵活性的缺失。当技术路线与市场机遇交汇时，巨头的转身速度或将决定其未来十年的 ...

Core Insights - Nvidia plans to resume sales of its "compliant" AI chip H20 in China after months of export restrictions, coinciding with its market valuation surpassing $4 trillion, indicating a complex strategic decision amid geopolitical tensions and market expectations [1][2] - The Chinese market is crucial for Nvidia, contributing over 25% of its data center revenue before the export ban, making the loss of this market a significant blow to its growth narrative [2][4] - The introduction of the H20 chip is not just about recovering lost sales but also about restoring investor confidence in Nvidia's growth story, demonstrating its ability to navigate geopolitical challenges [3][4] Market Dynamics - Nvidia's strategy involves launching "compliant" or "special supply" chips like H20, which are designed to meet U.S. export control regulations while maintaining compatibility with its CUDA software ecosystem, a significant advantage for Chinese customers [4][5] - The H20 chip has reduced core computing performance and limited NVLink interconnect capabilities to comply with U.S. regulations, yet retains compatibility with CUDA, which is critical for existing software investments in China [4][5] - The Chinese market's response to Nvidia's H20 is mixed; while there is immediate demand due to ongoing AI projects, there is a growing consensus on the need for a self-sufficient AI technology ecosystem in China [7][10] Competitive Landscape - The potential for a "de-Nvidia" strategy is emerging in China, driven by the need for a domestic AI technology framework, with companies like Huawei rapidly developing competitive alternatives [7][10] - Regulatory actions, such as potential antitrust investigations against Nvidia, reflect China's strategic intent to create a fairer market environment for local competitors and counter U.S. influence [8][10] - Nvidia's compliance strategy may inadvertently accelerate its own obsolescence in the Chinese market, as local companies adapt to lower-performance hardware and develop new operational habits [11][12] Long-term Implications - Nvidia's return to the Chinese market represents a trade-off between short-term financial gains and long-term strategic positioning, as its previous monopoly is increasingly challenged [12] - The company's high valuation of $4 trillion, while a testament to its past success, poses a significant burden as it navigates a rapidly evolving and competitive landscape in China [12]