China's Big Tech Firms Hoard Nvidia AI Chips Before Latest US Sanctions
China's Big Tech Firms Hoard Nvidia AI Chips Before Latest US Sanctions
According to the report, Nvidia bagged $18 billion of H20 orders since 2025 beginning.Chinese internet companies, including ByteDance, $Alibaba (BABA.US)$, and $Tencent (TCEHY.US)$, hoarded billions of dollars worth of $NVIDIA (NVDA.US)$ H20 artificial intelligence (AI) chips as the U.S. semiconductor sanctions kicked in.
中国互联网企业-HK，包括字节跳动， $阿里巴巴 (BABA.US)$，和 $腾讯控股(ADR) (TCEHY.US)$囤积了价值数十亿美元的 $英伟达 (NVDA.US)$ H20 AI芯片，因为美国对半导体的制裁开始生效。
Nvidia tailor-made the H20 chips to comply with U.S. semiconductor sanctions. However, the Chinese companies started hoarding them in 2024, fearing potential shipment restrictions, Nikkei Asia reported on Wednesday.
英伟达特别定制了H20芯片，以符合美国半导体制裁。然而，中国企业在2024年开始囤积这些芯片，担心潜在的运输限制，《日经亚洲》周三报道称。
They aimed to snap up 1 million H20s before the latest U.S. semiconductor sanctions. The companies reportedly placed over $16 billion in orders for the quarter.
他们希望在最新的美国半导体制裁之前抢购100万H20芯片。这些公司据报道在该季度下了超过160亿美元的订单。
According to the report, Nvidia bagged $18 billion of H20 orders since 2025 beginning.
根据报告，自2025年初以来，英伟达获得了价值180亿美元的H20订单。
China generated $17 billion in revenue in fiscal 2024, accounting for 13% of Nvidia's total sales.
中国在2024财年实现了170亿美元的营业收入，占英伟达总销售额的13%。
In March, Alibaba Chairman Joe Tsai told CNBC that AI's total addressable market is at least $10 trillion. Alibaba was among the first major global tech companies to open-source its large-scale AI models. Over the next three years, Alibaba earmarked $53 billion for cloud and AI infrastructure.
在三月份，阿里巴巴董事长蔡崇信告诉CNBC，人工智能的总可寻址市场至少为10万亿。阿里巴巴是首批开放其大规模人工智能模型的全球大型科技公司之一。在接下来的三年中，阿里巴巴为云和AI基础设施预留了530亿美元。
Alibaba, also known as China's tech barometer, surged over 36% year-to-date, fueled by optimism over additional domestic government stimulus and the popularity of Chinese AI startup DeepSeek's promises of affordable AI models topping OpenAI and peers.
阿里巴巴，亦被称为中国的科技晴雨表，年初至今上涨超过36%，受益于对额外国内政府刺激措施的乐观情绪，以及中国人工智能初创公司DeepSeek提供比开放AI和其他同行更实惠的人工智能模型的承诺。
Dan Ives of Wedbush Securities called Alibaba the "best way to play China tech," citing its strong positioning in AI and cloud.
Wedbush证券的Dan Ives称阿里巴巴是“投资中国科技的最佳方式”，并指出其在人工智能和云计算方面的强大定位。
Following the H20 effective shipment ban to China on April 15, Nvidia stock has declined 14%, versus the PHLX Semiconductor Sector's 8% and the S&P 500's 4%.
在4月15日对中国实施H20有效禁运后，英伟达的股票下跌了14%，而PHLX半导体板块下跌了8%，S&P 500下跌了4%。
BofA Securities analyst Vivek Arya noted China and H20 exposure as generally de-risked and expected Nvidia's gross margins to typically improve throughout the fiscal second half as Blackwell gains scale and Blackwell Ultra ramps up.
美国银行证券分析师Vivek Arya指出，中国和H20的风险一般已降到最低，并预计随着Blackwell的规模扩大和Blackwell Ultra的 ramp-up，英伟达的毛利率将在财政第二季度下半年通常会提升。
Although the upcoming AI Diffusion Rule remains Nvidia's most significant near-term risk, Arya reiterated a Buy rating on Nvidia, citing the current stock volatility as an enhanced buying opportunity.
尽管即将实施的人工智能扩散法则仍然是英伟达最重要的近期风险，但Arya重申对英伟达的买入评级，指出当前股票波动性是一种增强的买入机会。
Price Actions: NVDA stock is up 3.34% at $102.19 at the last check on Wednesday.
价格动态：截至周三，NVDA股票上涨3.34%，记录在102.19美元。
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