Core Insights - Nvidia, the dominant player in the global AI chip market, has seen its market share in China plummet from 95% to 0% due to tightening U.S. export controls [1] - The exit of Nvidia from the Chinese AI chip market has created significant opportunities for local companies, with Cambricon reporting a staggering 1332.52% year-over-year revenue increase in Q3 2025 [1] - The competitive landscape is shifting, with Huawei's Ascend series chips and AMD's MI300 series actively seeking to fill the void left by Nvidia's absence in the Chinese market [1] Market Dynamics - Nvidia's market share in China has effectively "returned to zero," highlighting the impact of U.S. export restrictions on its operations [1] - Cambricon's Q3 2025 revenue reached 1.727 billion yuan, a dramatic increase compared to a loss of 194 million yuan in the same period last year [1] - The exit of Nvidia has transitioned the market from a single-player dominance to a more competitive environment with multiple players vying for market share [1]

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 ...