Jensen Huang seems to have wavered on the "China issue." When asked at the Milken Institute's global annual meeting in Los Angeles on May 4 whether China should acquire NVIDIA's most advanced chips, he directly answered "No."
He stated that neither the current generation Blackwell (B200) nor the upcoming next-generation Rubin (R100) should be acquired by China, and emphasized that the United States, as NVIDIA's home country, should always have "the first, the most, and the best".
China market share has plummeted to zero; H200 has not shipped any vehicles so far this year.
During the same meeting, Jensen Huang admitted that NVIDIA's market share of AI accelerators in China is currently zero, which means that no H200 GPUs will actually be shipped to China in the first quarter of 2026.
The underlying reason is a double hurdle. Although the Trump administration approved H200 exports to China last December, it came with strict conditions: 25% of revenue must be handed over to the US government, the export volume cannot exceed 50% of the domestic sales volume in the United States, and it must undergo safety testing by a third-party laboratory in the United States.
The Chinese government has yet to approve the import of the H200, creating a stalemate of "the US granting permission but China not approving it." NVIDIA stated in March that it had restarted H200 production lines to prepare inventory, but the actual shipping date remains undetermined.
Above the red line, Blackwell and Rubin are completely banned from scoring.
The H200 is NVIDIA's highest-end product from its previous generation architecture, while Blackwell and Rubin are respectively one and two full generations ahead of hardware available in China. Jensen Huang's statement is tantamount to officially declaring that these two product lines are not within the scope of any negotiations with China.
The Chinese state-run media outlet Global Times immediately responded, criticizing NVIDIA for "wanting to make money in China while being wary of China," and pointing out that this strategy "has proven to be a failure."
In fact, China's AI industry is accelerating its "de-NVIDIAization," including DeepSeek V4's announcement that it will completely abandon NVIDIA GPUs and switch to domestically produced chips; Cambricon, Moore Threads, and Mochip, among other domestic AI chip manufacturers, saw their revenues surge by 453%, 243%, and 121% respectively in 2025, achieving profitability for the first time in a single year.
This article does not discuss smuggled chips.
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