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.
中國互聯網企業-HK，包括字節跳動， $阿里巴巴 (BABA.US)$，和 $騰訊控股(ADR) (TCEHY.US)$囤積了價值數十億美元的 $英偉達 (NVDA.US)$ H20 AI芯片，因爲美國對半導體的制裁開始生效。
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.
英偉達特別定製了H20芯片，以符合美國半導體制裁。然而，中國企業在2024年開始囤積這些芯片，擔心潛在的交通限制，《日經亞洲》週三報道稱。
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.
他們希望在最新的美國半導體制裁之前搶購100萬H20芯片。這些公司據報道在該季度下了超過160億美元的訂單。
According to the report, Nvidia bagged $18 billion of H20 orders since 2025 beginning.
根據報告，自2025年初以來，英偉達獲得了價值180億美元的H20訂單。
China generated $17 billion in revenue in fiscal 2024, accounting for 13% of Nvidia's total sales.
中國在2024財年實現了170億美元的營業收入，佔英偉達總銷售額的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，阿里巴巴董事長蔡崇信告訴CNBC，人工智能的總可尋址市場至少爲10萬億。阿里巴巴是首批開放其大規模人工智能模型的全球大型科技公司之一。在接下來的三年中，阿里巴巴爲雲和AI基礎設施預留了530億美元。
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，亦被稱爲中國的科技晴雨表，年初至今上漲超過36%，受益於對額外國內政府刺激措施的樂觀情緒，以及中國人工智能初創公司DeepSeek提供比開放AI和其他同行更實惠的人工智能模型的承諾。
Dan Ives of Wedbush Securities called Alibaba the "best way to play China tech," citing its strong positioning in AI and cloud.
Wedbush證券的Dan Ives稱阿里巴巴是「投資中國科技的最佳方式」，並指出其在人工智能和雲計算方面的強大定位。
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日對中國實施H20有效禁運後，英偉達的股票下跌了14%，而PHLX半導體板塊下跌了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.
美國銀行證券分析師Vivek Arya指出，中國和H20的風險一般已降到最低，並預計隨着Blackwell的規模擴大和Blackwell Ultra的 ramp-up，英偉達的毛利率將在財政第二季度下半年通常會提升。
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.
儘管即將實施的人工智能擴散法則仍然是英偉達最重要的近期風險，但Arya重申對英偉達的買入評級，指出當前股票波動性是一種增強的買入機會。
Price Actions: NVDA stock is up 3.34% at $102.19 at the last check on Wednesday.
價格動態：截至週三，NVDA股票上漲3.34%，記錄在102.19美元。
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