" H20的下一代中国特供产品是什么？可能英伟达内部的人都不太 清楚。 " 作者丨 杨依婷 编辑丨 包永刚 当地时间8月21日，外媒爆料称，英伟达已通知部分零部件供应商，暂停生产中国特供AI芯片H20。 8月22日，被问及英伟达是否要求供应商停产时，英伟达首席执行官黄仁勋表示："我们已经准备了大量的 H20芯片，但现在正等待中国客户的采购订单，一旦收到订单，我们就能生产更多。" 从四月到八月，H20经历了 被禁售、解禁、停产的三重反转 。 上半年4月16日，英伟达突然发布通知称，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。 而在7月15日，该事件迎来转机，黄仁勋在接受总台央视记者采访时宣布："美国政府已经批准了我们的出 口许可，我们可以开始发货了，所以我们将开始向中国市场销售H20。我非常期待能很快发货，对此我非 常高兴，这真是个非常好的消息。" H20经历的波折也反映到了英伟达最新的财报上。 8月28日，英伟达公布了2026财年第二财季财报（截至2025年7月27日）。就财报数据来看，本财季， 英伟达营收达467.43亿美元，同比增长56%；净利润达 ...

Group 1 - HSBC has raised its Nvidia price target to $200 from $125, indicating a 60% increase, while maintaining a 'Hold' rating, which implies a 16% rally from the current price of $172 [1] - The revision reflects a larger-than-expected AI GPU total addressable market, driven by cloud service providers' capex upgrades, which are up roughly 37% year to date [2] - For 2QFY26, HSBC projects Nvidia will post sales of $46.7 billion, slightly above management's guidance of $45 billion and broadly in line with consensus at $46.3 billion [3] Group 2 - HSBC expects Nvidia's sales for 3QFY26 to be $53.9 billion, near the Street's estimate of $53.3 billion, but does not anticipate significant upward revisions [3] - KeyBanc raised its Nvidia price target to $215 from $190 with an 'Overweight' rating, while Susquehanna lifted its target to $210 from $180, reiterating a positive stance [7] Group 3 - Analysts expect strong fiscal second-quarter results for Nvidia ahead of the August 27 earnings report, but guidance for the October quarter may fall slightly below consensus due to pending license approvals affecting China revenue [6] - Excluding China, Nvidia could be leaving $2–3 billion in potential near-term sales off its outlook, primarily from H20 and RTX6000D demand [6]

Technology Strategy - The U.S. government has officially enacted the "Maintaining American Advantage Act" which mandates the Department of Commerce's Bureau of Industry and Security (BIS) to report annually to Congress on export control licenses [2] Investment - SoftBank Group has invested $2 billion in Intel, acquiring 2% of its total shares at $23 per share, positioning itself as Intel's fifth-largest shareholder, reflecting confidence in the U.S. semiconductor industry [3] AI and Semiconductor Development - NVIDIA is developing a new AI chip named B30A for the Chinese market, which will outperform the currently approved H20 chip, although regulatory approval remains uncertain [3] Quantum Computing - Oak Ridge National Laboratory (ORNL) has announced the procurement of a 20-qubit superconducting quantum computer from IQM, which will be integrated into its high-performance computing systems [4] Biotechnology - A new peptide design model named PepMLM has been developed by researchers from the University of Pennsylvania and Duke University, allowing for the design of peptide ligands based solely on target protein sequences [5] Emergency Authorization - The U.S. Department of Health and Human Services has authorized the FDA to issue emergency use authorizations for animal drugs to combat the potential threat of New World screw-worms to the food supply [6] Gene Editing - Researchers from Harvard University and Jackson Laboratory have successfully used prime editing technology to correct a pathogenic gene mutation in a mouse model, offering new avenues for gene therapy in neurological diseases [7] Energy Technology - Equatic, a U.S. startup, has developed a technology that simultaneously produces green hydrogen from seawater while capturing and storing carbon dioxide, enhancing the efficiency and safety of the process [8] Robotics and Autonomous Systems - The U.S. Coast Guard has established a Robotics and Autonomous Systems (RAS) Project Execution Office to enhance operational capabilities in border security and emergency response [9] Maritime Technology - The American Bureau of Shipping (ABS) is collaborating with Saronic Technologies to develop standards for autonomous surface vessels, aiming to improve safety and efficiency in maritime operations [10] Enhanced Maritime Awareness - Ocean Power Technologies has upgraded its AI-driven maritime awareness solution, Merrows™, to enhance continuous monitoring capabilities in complex environments [11] Aerospace - Quidditch Company has launched a new modular stealth drone named "Clone Ranger," designed for short takeoff and landing, capable of carrying various payloads [12] Space Communication - Blue Origin has unveiled the Mars Telecommunications Orbiter (MTO) to establish a high-speed communication relay network between Earth and Mars, expected to launch in 2028 [14] Advanced Materials - NASA has developed a new 3D-printable metal alloy named GRX-810, designed to withstand extreme temperatures for aerospace engine components [15] Quantum Materials - A research team from Chalmers University of Technology and Finland has developed a new quantum material that enhances qubit stability against environmental noise, addressing a core challenge in quantum computing [16] Advanced Manufacturing - Divacant Technologies has partnered with Raytheon to optimize and produce U.S. Navy equipment using its adaptive production system, which automates the design and manufacturing process [17] Smart Glasses - Meta is set to launch its first smart glasses with a built-in display named "Hypernova," priced at $800, featuring gesture control and advanced camera capabilities [18]

Core Viewpoint - The resumption of H20 chip sales by NVIDIA to China is expected to have a positive impact on the Chinese internet data center (IDC) industry and related companies, potentially boosting NVIDIA's revenue significantly and benefiting the entire AI semiconductor supply chain [1][4][15]. Group 1: Impact on Chinese IDC Industry - Analysts from Citigroup and Jefferies believe that the restart of H20 chip sales will positively affect the Chinese IDC sector, with a bullish outlook on related stocks [5][4]. - Following the announcement, stocks of major cloud service providers such as Alibaba and Kingsoft Cloud saw significant gains, with Alibaba's Hong Kong shares rising nearly 7% and Kingsoft Cloud's U.S. shares increasing by 18.7% [2][4]. Group 2: Financial Implications for NVIDIA - Bernstein estimates that for every $10 billion in revenue recovered in the Chinese market, NVIDIA's earnings per share (EPS) could increase by approximately $0.25 [9]. - The resumption of sales could help NVIDIA recover a substantial portion of the $15 billion in data center revenue previously at risk, including an anticipated $4-5 billion in revenue for the second half of the year [8][9]. - Melius Research has raised NVIDIA's target price by 43%, projecting that the company's market value could exceed $5 trillion due to the H20 chip sales resumption [1][15]. Group 3: Broader Market Effects - The approval of H20 chip sales is seen as beneficial not only for NVIDIA but also for the entire AI semiconductor supply chain and Chinese tech platforms developing AI capabilities [17]. - The U.S. government's decision to allow NVIDIA to sell H20 chips to China is viewed as a positive development for U.S.-China relations, with implications for ongoing negotiations between the two countries [17][18].

Core Viewpoint - Nvidia has announced the resumption of H20 chip sales to China, positively impacting Chinese cloud service providers and the data center sector, leading to significant stock price increases in related companies [1][2][4]. Group 1: Nvidia's H20 Chip Sales - Nvidia's CEO Jensen Huang stated that the U.S. has approved the sale of H20 chips to China, which is expected to generate billions in revenue for Nvidia and boost the prospects of AI-related companies in China [4][6]. - Analysts from Citigroup and Jefferies believe that the resumption of H20 sales will have a positive impact on China's Internet Data Center (IDC) industry, with specific recommendations to buy Century Internet and GDS Holdings [5][6]. - Nvidia's potential recovery of $15 billion in data center revenue, previously at risk due to sales bans, could significantly enhance its earnings per share (EPS) [6][9]. Group 2: Market Reactions and Predictions - Following the announcement, Alibaba's stock surged nearly 7%, while Kingsoft Cloud and GDS Holdings saw increases of over 10%, contributing to a more than 2% rise in the Hang Seng Tech Index [2][4]. - Bernstein estimates that for every $10 billion in revenue restored in the Chinese market, Nvidia's EPS could increase by approximately $0.25, with a potential overall EPS increase of $0.40 to $0.50 if $15 billion to $20 billion in revenue is recovered by FY2026 [6][9]. - Nvidia's stock rose nearly 5% after the announcement, contributing to an increase in the Nasdaq index [6].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **server market**, particularly the demand for **ASIC (Application-Specific Integrated Circuit)** servers and general servers, with a strong emphasis on companies like **Broadcom**, **Meta**, **Amazon (AWS)**, and various Taiwanese server manufacturers such as **Wiwynn**, **Quanta**, and **EMC** [1][2][3][4][5]. Core Insights and Arguments 1. **Server Market Demand**: There is increasing momentum in the server market, particularly for ASIC servers, with expected revenue growth at a CAGR of **96%** from 2023 to 2027, compared to **47%** for AI GPU revenue [3][9][51]. 2. **ASIC Server Growth**: ASIC servers are anticipated to contribute significantly to hyperscaler capital expenditures, with major players like AWS and Meta ramping up their ASIC server projects [3][9][51]. 3. **GB200 and GB300 Demand**: Orders for GB200 servers are increasing, with expectations for GB300 to enter mass production in **4Q25**. Total GB orders are estimated at **30-31k** for 2025, with a yield rate improvement expected from **40-50%** to **60-70%** in the second half of 2025 [4][32]. 4. **General Server Orders**: There is a notable increase in general server orders from US cloud service providers (CSPs) into **3Q25**, driven by AWS and Microsoft, with an expected **11%** year-over-year growth in cloud server shipments for 2025 [5][44]. 5. **Meta's ASIC Roadmap**: Meta is advancing its ASIC server designs, with plans for high-density racks featuring up to **256 ASICs per rack** by 2027, which will enhance cooling and power efficiency [13][14]. Additional Important Insights 1. **CSPs' Capital Expenditure Plans**: Major CSPs like Microsoft, Amazon, and Google are significantly increasing their capital expenditures, with Microsoft planning **USD 21.4 billion** for cloud and AI-related spending in FY3Q25 and Amazon's capex expected to exceed **USD 100 billion** in 2025 [49]. 2. **Wiwynn's Position**: Wiwynn is positioned to benefit from increased orders for both GB200 and AWS's ASIC servers, with expectations for demand to extend into **1H26** due to delays in next-generation server production [53][54]. 3. **Quanta's Market Share**: Quanta is gaining market share in GB200 and GB300 orders, with a **36%** market share in GB300 and a positive outlook on AI demand [58]. 4. **EMC's Growth**: EMC is expected to be a major beneficiary of AI ASIC demand, with projected revenue growth of **37%** in FY25 and **21%** in FY26 [57]. 5. **Risks and Valuation**: The report highlights potential risks such as weaker-than-expected demand for global servers and pricing competition among suppliers, while maintaining a positive outlook on the growth potential of ASICs and server demand [62]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the server market, particularly focusing on ASIC technology and its implications for major players in the industry.