黄仁勋终于得到了他最想要的东西。 本周美国政府正式批准英伟达向中国以及其他"经批准的客户"出售高端的H200 GPU芯片，但需要向美国政府缴纳25%的销售提成。这一提成 比例同样适用于AMD、英特尔等其他美国芯片巨头。不过，英伟达最新的Blackwell和未来的Rubin系列GPU仍然禁止出口。 这标志着黄仁勋长达数月的游说取得成功。过去半年时间，他不断造访佛罗里达与华盛顿，随着特朗普总统一道出访和出席国宴，向白宫宴会厅建设工程 捐款，就是为了这一刻。就在上周，他再一次来到白宫会见总统，终于如愿以偿得到了解锁禁运令。 受这一利好消息推动，英伟达股价盘后应声上涨。受美国政府连续多道芯片加码禁运令限制，过去两年时间，英伟达一步步失去迅猛增长的中国市场，丢 掉了在AI GPU市场原先高达95%的份额。在英伟达最核心的数据中心业务，中国市场的营收占比也从原先的四分之一急剧下滑。 虽然英伟达数据中心业务营收高达1300亿美元(最近财年)，但却存在一个巨大隐患：客户集中度过高，过度依赖于几大AI巨头。其中，前两大客户营收占 比39%，前三大客户营收占比高达53%。 据媒体猜测，黄仁勋的前五大客户正是：微软、谷歌、亚马逊、 ...

黄仁勋终于得到了他最想要的东西。 本周美国政府正式批准英伟达向中国以及其他"经批准的客户"出售高端的H200 GPU芯片，但需要向美国政府缴纳25%的销售提成。这一提成比 例同样适用于AMD、英特尔等其他美国芯片巨头。不过，英伟达最新的Blackwell和未来的Rubin系列GPU仍然禁止出口。 这标志着黄仁勋长达数月的游说取得成功。过去半年时间，他不断造访佛罗里达与华盛顿，随着特朗普总统一道出访和出席国宴，向白宫宴会厅 建设工程捐款，就是为了这一刻。就在上周，他再一次来到白宫会见总统，终于如愿以偿得到了解锁禁运令。 受这一利好消息推动，英伟达股价盘后应声上涨。受美国政府连续多道芯片加码禁运令限制，过去两年时间，英伟达一步步失去迅猛增长的中国 市场，丢掉了在AI GPU市场原先高达95%的份额。在英伟达最核心的数据中心业务，中国市场的营收占比也从原先的四分之一急剧下滑。 心急如焚的黄仁勋在两个月前公开抱怨， "我们已经失去了全球最大的市场之一，在中国市场完全出局，市场份额已经归零。 "即便是向美国政府 缴纳四分之一的提成，对英伟达的业绩营收也意义重大，因为中国AI GPU今年规模估计高达200亿-300亿美元 ...

Core Insights - The U.S. government has officially approved NVIDIA to sell high-end H200 GPU chips to China and other "approved customers," requiring a 25% sales commission to the U.S. government, which also applies to other U.S. chip giants like AMD and Intel [2][24] - This approval marks a significant victory for NVIDIA CEO Jensen Huang, who has lobbied for months to lift the export ban, which had severely impacted NVIDIA's market share in China [2][24] - NVIDIA's stock price rose following this news, as the company had lost a substantial portion of its market share in the AI GPU market, dropping from 95% to nearly zero in the past two years due to U.S. export restrictions [2][24] Group 1: NVIDIA's Market Position - NVIDIA is a leading company in the generative AI era, dominating the AI chip market with over 80% market share due to its performance advantages and the CUDA platform [3][25] - The company's data center business generated $130 billion in revenue in the most recent fiscal year, but it faces risks due to high customer concentration, with the top two customers accounting for 39% of revenue [3][25] - Huang has expressed concerns about losing the Chinese market, which is estimated to be worth $20 billion to $30 billion in AI GPUs this year [3][24] Group 2: Competition from Major Tech Giants - Major cloud service providers like Google, Amazon, and Microsoft are accelerating the development of their own chips, posing a significant threat to NVIDIA's market position [3][24] - Amazon's new AI chip, Trainium 3, is designed to be a low-cost alternative to NVIDIA's GPUs, claiming to reduce training costs by 50% compared to similar GPU systems [6][27] - Google has released its seventh-generation TPU, Ironwood, which boasts a performance increase of 10 times over its predecessor and is optimized for high-throughput, low-latency inference tasks [10][31] Group 3: Future Market Dynamics - The competition is expected to intensify in 2026, with a focus on a "performance vs. cost" showdown as Google, Amazon, and Microsoft release their latest self-developed chips [38] - Amazon aims to increase its self-developed chip share to 50% and grow its AI cloud market share from 31% to 35% [40] - Google's TPU market share has reportedly climbed to 8%, with plans to sell its previously internal-use TPUs to external customers, further diversifying the chip supply landscape [41][40]