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 ...

Jensen Huang, co-founder and CEO of Nvidia Corp., speaks during a news conference in Taipei on May 21, 2025. I-hwa Cheng | Afp | Getty ImagesReplacing Nvidia is a tall order. While Chinese competitors are years behind the company's cutting-edge technology, many analysts and insiders warn they are catching up, thanks to U.S. export restrictions.U.S. chip restrictions on the sale of advanced semiconductor technology, especially those used in artificial intelligence, have been rolled out over several years, wi ...

文章核心观点 - 科技股周三下跌，英伟达领跌5%，芯片制造行业受特朗普关税计划影响，需求和增长或受阻；英伟达将因向中国等国出口H20图形处理单元产生55亿美元费用，AMD最新出口管制或致8亿美元损失 [1][2][3] 行业情况 - 科技股周三下跌，芯片制造行业受特朗普关税计划影响，需求和增长或受阻 [1] 英伟达情况 - 英伟达CEO黄仁勋于2025年3月18日在加州圣何塞的英伟达GPU技术大会上发表主题演讲 [1] - 英伟达周二披露将因向中国等国出口H20图形处理单元产生55亿美元费用，政府要求向这些地区运送芯片需许可证 [2] - 该芯片是拜登政府时期为满足美国出口限制专为中国设计，2024年先进AI处理器营收约120 - 150亿美元 [3] AMD情况 - AMD周三披露最新出口管制对其MI308产品或造成8亿美元损失 [3]

文章核心观点 美国政府对英伟达芯片出口的限制或使公司整体增长放缓，公司将面临季度费用支出，且在中国市场面临竞争加剧问题 [1][2] 出口限制情况 - 4月9日美国政府告知英伟达，出口芯片到中国等少数国家需许可证 [1] - 拜登政府2022年限制AI芯片出口，次年更新规则以阻止更先进AI处理器销售 [2] - 下个月起英伟达将面临“AI扩散规则”下新的出口限制 [5] 财务影响 - 公司将承担约55亿美元与向中国等地区出口H20图形处理单元相关的季度费用，盘后交易中股价下跌约4% [1] - 2024年H20芯片估计产生120亿 - 150亿美元收入 [3] - 2月CEO称中国市场收入降至出口管制前一半，约170亿美元 [3] 市场竞争 - 英伟达CEO警告中国市场竞争加剧，连续第二年在向美国证券交易委员会提交的10K文件中将华为列为竞争对手 [4] - 中国公司DeepSeek今年推出有竞争力AI模型并在研究中使用了H20芯片 [4] 其他信息 - 英伟达将于5月28日公布第一财季业绩 [5]