Core Viewpoint - The ongoing geopolitical tensions are causing a significant market split in the AI computing sector between the US and China, leading to a complete exit of Nvidia from the Chinese market, which presents a substantial opportunity for local AI chip companies like Cambricon [1][10]. Group 1: Nvidia's Market Exit - Nvidia's CEO Jensen Huang stated that the company's market share in China has dropped from 95% to 0%, indicating a complete withdrawal from the Chinese market [1][10]. - The US government's export restrictions on high-performance computing chips have severely impacted Nvidia's ability to operate in China, leading to the introduction of less capable products like the H20 platform, which has also faced declining demand [9][10][18]. Group 2: Opportunities for Local Companies - Cambricon, a Chinese AI chip company, has seen a dramatic increase in revenue, achieving 1.727 billion yuan in Q3 2025, a year-on-year growth of 1332.52% [2][22]. - The absence of Nvidia has allowed Cambricon to become a major beneficiary in the Chinese AI computing market, positioning itself as a leading supplier [3][10]. Group 3: Historical Context and Growth - The timeline of AI computing development highlights a significant shift since 2016, when Nvidia began its deep engagement in the Chinese market, which has now reversed due to geopolitical factors [4][6][7]. - Cambricon's growth trajectory has been marked by significant funding rounds and partnerships, including its early collaboration with Huawei, which helped establish its reputation in the AI chip sector [11][12]. Group 4: Financial Performance and Market Position - Despite previous losses, Cambricon has turned profitable, reporting a net profit of 1.038 billion yuan in the first half of 2025, a significant turnaround from a net loss of 530 million yuan in the previous year [16][22]. - The company's stock has surged dramatically, reflecting market confidence in its future growth potential, with its share price reaching a historical high of 1595.88 yuan in August 2025 [16][18]. Group 5: Competitive Landscape - Huawei is emerging as a formidable competitor in the AI computing space, with plans to challenge Nvidia directly through its Ascend chip series and advanced computing clusters [20][21]. - The rapid technological advancements and market responsiveness of local companies like Cambricon are contributing to a robust domestic AI computing ecosystem, further diminishing Nvidia's prospects in China [19][22].

Core Viewpoint - The article discusses the impact of U.S. export controls on NVIDIA's operations in China, highlighting the significant loss of market share and potential revenue due to legislative changes and restrictions on AI chip sales [1][2]. Group 1: Legislative Impact - The U.S. Congress is pushing for legislation that requires chip manufacturers like AMD and NVIDIA to prioritize domestic supply for AI chip products [1]. - NVIDIA's CEO, Jensen Huang, stated that due to U.S. export controls, the company has completely exited the Chinese market, with its market share dropping from 95% to 0% [1]. Group 2: Financial Consequences - Following the U.S. export controls initiated in October 2022, NVIDIA faced ongoing challenges in selling high-end AI chips in China [1]. - The introduction of compliant AI chips for China, such as A800, H800, and H20, was not sufficient to mitigate losses, as new regulations in April 2025 forced the discontinuation of the H20 chip, resulting in approximately $4.5 billion in inventory losses and $8 billion in potential revenue losses [1]. Group 3: Future Outlook - Despite the challenges, NVIDIA remains hopeful for a policy change and is actively communicating with the U.S. government regarding its operations in China [2]. - Huang emphasized that the U.S. has lost access to one of the largest markets globally, suggesting that policies aimed at China could also harm U.S. interests [2]. - He noted that China possesses about 50% of the world's AI researchers and has a strong focus on AI development, indicating the competitive landscape [2].

对于英伟达而言，这一系列政策变动带来的打击堪称致命。据彭博社估计，此番折腾下来，英伟达 2025 年的收入预计将减少 140 亿至 180 亿美元。自 2022 年拜登政府实施半导体出口管制以来，英伟达 为了满足中国市场需求，专门设计了符合出口管制的 H20 芯片。 在全球科技产业的版图中，英伟达无疑占据着举足轻重的地位，尤其是在人工智能芯片领域，堪称行业 的领军者。然而，近期英伟达的命运却如坐过山车般起伏不定，而这一切的背后，特朗普政府反复无常 的政策成为了关键的 "搅局者"。 当地时间 4 月 15 日，英伟达发布通知称，美国政府于 9 日告知，该公司 H20 芯片出口到中国需要许可 证，此后又于 14 日告知，这些规定将无限期实施。这一消息犹如一颗重磅炸弹，瞬间在科技和金融市 场掀起轩然大波。通知提及，这一新规将影响该公司共计约 55 亿美元的季度费用，涉及 H20 的库存、 采购承诺和相关储备。消息一经传出，英伟达股价在盘后交易中大幅下跌逾 6%，市值直接蒸发了 1.3 万亿元。仅仅一夜之间，这家科技巨头的财富便遭受了重创，而这一切皆源于美国政府那令人捉摸不透 的政策变动。 回顾近期英伟达的相关新闻， ...