刚获得对华出口H20芯片许可的美国AI芯片企业英伟达公司（NVIDIA）被约谈。 8月1日消息，据网信中国消息，近日，英伟达算力芯片被曝出存在严重安全问题。此前，美议员呼吁要 求美出口的先进芯片必须配备"追踪定位"功能。美人工智能领域专家透露，英伟达算力芯片"追踪定 位""远程关闭"技术已成熟。为维护中国用户网络安全、数据安全，国家互联网信息办公室于7月31日约 谈了英伟达公司，要求英伟达公司就对华销售的H20算力芯片漏洞后门安全风险问题进行说明并提交相 关证明材料。 针对此次约谈，笔者获悉，8月1日凌晨，NVIDIA发言人对笔者展示一份回应称："网络安全对我们至 关重要。NVIDIA的芯片不存在'后门'，并不会让任何人有远程访问或控制这些芯片的途径。" "Cybersecurity is critically important to us. NVIDIA does not have 'backdoors' in our chips that would give anyone a remote way to access or control them." 据悉，H20是英伟达基于上一代Hopper架构、 ...

The trade war between the U.S. and China recently took an unexpected turn, and the biggest beneficiaries look to be Nvidia (NVDA -0.64%) and Advanced Micro Devices (AMD 0.04%). Both stocks popped after news broke that the U.S. is set to ease chip export restrictions, potentially allowing the companies to resume selling their artificial intelligence (AI) chips to China. China is a huge market that had recently been closed off to the two companies. Nvidia will now be allowed to sell its H20 graphics processin ...

Core Insights - Huang Renxun, the founder and CEO of NVIDIA, emphasized the importance of the Chinese market, noting it as the second-largest technology market globally with rapid growth [5][18] - NVIDIA's H20 GPU has been reintroduced to the Chinese market, although rebuilding the supply chain will take time [6][38] - Huang highlighted the advanced level of computer science and AI talent in China, stating that about 50% of AI researchers globally are based in China [5][31] Group 1 - Huang Renxun's visit to China this year was motivated by invitations, reflecting the significance of the Chinese market for NVIDIA [5][6] - The RTX PRO product is designed for digital twin applications, which aligns well with China's advancements in robotics and smart factories [20][30] - Huang expressed optimism about the collaboration with Chinese companies, citing a long history of partnerships with major firms like Tencent and Alibaba [11][18] Group 2 - Huang acknowledged the challenges posed by global trade policies and tariffs, stating that NVIDIA must adapt to these changes [6][16] - The company is committed to investing in the Chinese market to keep pace with competitors who are also increasing their investments [17][18] - Huang praised the innovation and craftsmanship present in China, indicating that NVIDIA's products are powering many innovative Chinese enterprises [6][19] Group 3 - Huang noted that the education system in China has produced a significant number of top AI researchers, contributing to the country's strong position in AI development [5][31] - He mentioned the importance of open-source AI models like DeepSeek, which have gained global traction and are being utilized across various industries [63][42] - Huang emphasized the need for companies to focus on creating valuable products and technologies that can impact the world positively [16][70]

Group 1 - Nvidia and AMD stocks surged due to the resumption of AI chip sales to China, with Nvidia's stock rising over 4% and AMD's over 6% [2] - Nvidia's market capitalization increased by over $200 billion, reaching approximately $4.1 trillion, while AMD's market cap is around $250 billion [2] - The U.S. imposed export controls in 2022, limiting high-performance AI chip sales to China, prompting Nvidia and AMD to develop customized GPUs for the market [2] Group 2 - Nvidia is applying for a license to resume sales of the H20 GPU, with the U.S. government assuring approval, aiming for quick delivery [3] - Nvidia's new chip, RTX PRO, is described as "fully compliant" and suitable for digital twin AI in smart factories and logistics [3] - Hargreaves Lansdown estimates this development could generate an additional $15 billion to $20 billion in revenue for Nvidia this year, depending on various factors [3] Group 3 - Melius Research raised Nvidia's target price by 43%, predicting its market cap could exceed $5 trillion due to H20 sales resumption [4] - The resumption of H20 sales is expected to accelerate revenue growth for Nvidia in fiscal year 2026 and provide significant momentum for the first half of fiscal year 2027 [4] - Analysts from Citigroup and Jefferies believe the H20 chip's sales restart will benefit other related companies, especially large cloud providers like Alibaba, Tencent, and Baidu [4]

Core Viewpoint - The article discusses the recent announcement regarding the resumption of AI chip exports to China by Nvidia and AMD, which has positively impacted their stock prices and is seen as a significant policy shift by the U.S. government [3][5][7]. Summary by Sections Export Restrictions and Impact - Three months ago, the U.S. Department of Commerce effectively banned the export of advanced AI chips to China, which had previously been restricted since 2022 [4]. - Nvidia's CEO Jensen Huang stated that export controls had halved the company's revenue in China, although sales still reached $17 billion in the fiscal year ending January 26 [4]. - The recent policy change is expected to allow Nvidia to recover approximately $5.5 billion in losses and AMD around $800 million due to previous restrictions [4][6]. Stock Market Reaction - Following the announcement of the resumption of exports, Nvidia's stock rose over 3.9% and AMD's stock increased by 5.6% [5][7]. - Investors welcomed the news, indicating a positive outlook for both companies' future revenues [5][7]. New Chip Developments - Nvidia plans to submit an application to resume sales of its H20 GPU, which is a lower-speed version of its H100 chip, and has introduced a new chip called RTX PRO that is compliant with export standards [5][9]. - AMD is also moving forward with its MI308 chip and has received notification that its export license application will be expedited [5][6]. Market Demand and Competition - Reports indicate that Chinese companies, including ByteDance and Tencent, are eager to purchase the H20 chip, highlighting strong demand in the Chinese market [8][10]. - The article emphasizes the importance of the number of H20 chips allowed for export to China, as it could significantly impact the competitive landscape in the AI sector [9][10]. Political Context - The article notes that the recent policy shift has bipartisan support in the U.S. and has been met with criticism from lawmakers regarding previous export restrictions [8][11]. - Jensen Huang criticized the export controls as ineffective and expressed concerns about losing leadership in the AI field if Nvidia cannot sell chips to Chinese developers [9][10].

Core Insights - The report indicates that the macroeconomic environment is showing signs of recovery, particularly in the TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors, with a notable improvement in sentiment and performance metrics [3][6]. Macroeconomic Overview - The report highlights a "tariff pulse" affecting trade volumes, with U.S. imports showing weakness in May but expected to recover in June, albeit not returning to the high levels seen in Q1 [3]. - Inflationary pressures are still being transmitted through prices, with slight increases noted since late May [3]. - Business confidence has improved slightly in May but remains low, suggesting a slow recovery pace ahead [3]. Sector Analysis TMT Sector - The TMT sector is experiencing a significant recovery, driven by trends in AI, with components such as storage chains, communication devices, and gaming showing upward momentum [3]. - Software within the TMT sector is stabilizing after a downturn [3]. Advanced Manufacturing - Advanced manufacturing is seeing a recovery in demand, with sectors like general automation, wind power, photovoltaic, and aerospace equipment showing signs of improvement [3]. - Capacity adjustments in advanced manufacturing are contributing to this recovery [3]. Consumer Sector - The consumer sector is witnessing early signs of recovery, particularly in new consumption and mass-market products, with personal care and accessories showing improvement [3]. - Categories such as beer, condiments, and dairy products are also experiencing a rebound [3]. Other Sectors - The pharmaceutical sector is seeing a revival in investment cycles, while insurance and electricity sectors are also showing positive trends [3]. - Precious metals are maintaining high levels, indicating strong demand [3]. Automotive Industry Insights - Major automotive companies like BYD, Geely, SAIC, and Great Wall have committed to standardizing supplier payment terms to within 60 days, which is expected to alleviate concerns regarding repayment capabilities and promote healthier industry dynamics [6]. - The average capital turnover rates for components, complete vehicle manufacturers, and dealers are reported at 4.5, 2.2, and 8.9 respectively, indicating a structured financial ecosystem [6]. - The anticipated output from vehicle manufacturers is approximately 42.4 billion yuan, which may create short-term cash flow pressures but is deemed manageable [6]. Company Ratings - The report includes a new buy rating for XGIMI Technology (极米科技) with a target price of 150.00 yuan, projecting earnings per share (EPS) of 5.00 yuan for 2025 [7].

Core Insights - The interview with Jensen Huang, CEO of NVIDIA, highlights the company's pivotal role in AI computing and the challenges it faces due to geopolitical factors and chip control policies [2][4][12] - Huang emphasizes the transformation of NVIDIA into a data center-scale company, focusing on AI as a new industry that requires extensive computing resources [7][8][35] - The discussion also touches on the implications of the AI Diffusion Rule and the necessity for the U.S. to remain competitive in the global AI landscape, particularly against China [14][15][19][23] Geopolitical Challenges - Huang discusses NVIDIA's collaborations with Saudi Arabia and the UAE, emphasizing the importance of these partnerships in building AI infrastructure [12][13] - The conversation addresses the U.S. government's chip export restrictions, particularly the ban on H20 chips, and how these policies could undermine U.S. and NVIDIA's long-term leadership in AI [4][27][29] - Huang argues that limiting U.S. technology access to other countries could lead to a loss of competitive advantage, as other nations develop their own ecosystems [18][19][23] AI as a New Industry - Huang describes AI as a new industry that enhances human labor capabilities and will drive significant economic growth in the coming years [7][35] - The concept of AI factories is introduced, where data centers are seen as essential for the production of AI technologies [8][35] - Huang predicts that the integration of AI into various sectors will lead to a rapid increase in GDP and the emergence of new job opportunities [35] NVIDIA's Strategic Positioning - The company is positioned as a full-stack solution provider, aiming to maximize utility for both technology and manufacturing sectors [4][8][56] - Huang emphasizes the importance of flexibility in NVIDIA's offerings, allowing customers to choose components based on their needs while still encouraging the adoption of complete systems [56] - The discussion highlights NVIDIA's commitment to innovation and maintaining a competitive edge in the rapidly evolving AI landscape [57][58] Economic Implications - Huang notes that the global market for AI technology is vast, with the potential for significant revenue generation if the U.S. engages effectively with international markets, particularly China [29][30] - The conversation underscores the economic model of AI factories, where the efficiency of architecture directly impacts profitability and operational costs [53] - Huang stresses that the future of AI will not only transform existing jobs but also create new roles, driven by advancements in robotics and digital labor [35]