英伟达恢复向中国出口H20芯片

Note: The English version is provided below.

摘要

2025年7月15日，英伟达恢复向中国出口其专为中国市场设计的H20图形处理芯片（GPU），该芯片此前因美国出口管制政策而暂停交付。根据英伟达声明，美国政府已“明确保证将批准相关出口许可”，为其恢复对华销售扫清政策障碍?。

H20是英伟达为规避出口限制而设计的“降配版”AI芯片，性能低于H100，但仍具备强大的推理能力，适用于大模型部署。CEO黄仁勋于7月16日亲赴北京、 2025年第三次访华，显示出英伟达对中国市场的高度重视。

据业内估算，H20的恢复出口将为英伟达带来高达50–70亿美元的年收入。腾讯、字节跳动、百度等中国科技巨头预计将成为首批采购方。

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此次政策松动反映出美国在国家安全与商业利益之间的策略性再平衡。尽管拜登政府在AI芯片出口上持续施压，但英伟达作为美国科技股的“现金牛”，其营收压力与华尔街预期也对政策形成反向影响。

对中国企业而言，H20的恢复出口在短期内缓解了AI算力紧张局面，尤其是在国产替代尚未完全成熟的背景下。根据《科技日报》报道，中国已投运的智算中心项目近150个，在建和规划建设的智算中心项目近400个，而智算中心平均算力使用率仅为30%——因此，虽然H20的出口松动暂时缓解了AI芯片短缺问题，但在高度不确定的中美关系大背景下，产业界仍然要做好最坏的打算、并考虑如何高效配置、共享成本高昂的算力资源。

Nvidia Resumes H20 Chip Exports to China Following U.S. Policy Adjustment

Summary

On July 15, 2025, Nvidia announced it would resume exports of its H20 graphics processing unit (GPU) to China. The H20 chip, specifically designed for the Chinese market to comply with U.S. export controls, had previously been suspended due to regulatory restrictions. According to Nvidia’s statement, the U.S. government has now “explicitly assured approval of the relevant export licenses,” clearing the policy hurdle for renewed shipments.

The H20 is a “downgraded” AI chip engineered to circumvent U.S. restrictions. While less powerful than the flagship H100, it still offers robust inference capabilities suitable for large model deployment. On July 16, CEO Jensen Huang made his third visit to China in 2025, underscoring Nvidia’s strategic emphasis on the Chinese market.

Industry estimates suggest that resumed H20 exports could generate between?US$5 billion and US$7 billion?in annual revenue for Nvidia. Major Chinese tech firms such as Tencent, ByteDance, and Baidu are expected to be among the first batch of buyers.

Comment

This policy shift reflects a strategic recalibration by the U.S. government between national security concerns and commercial interests. While the Biden administration continues to exert pressure on AI chip exports, Nvidia—widely seen as a “cash cow” of the U.S. tech sector—faces mounting revenue expectations from Wall Street, which in turn influences policy dynamics.

For Chinese companies, the resumption of H20 shipments temporarily eases the acute shortage of AI compute resources, especially as domestic alternatives remain under development. According to?Science and Technology Daily, China has nearly?150 intelligent computing centers?in operation and over?400 under construction or planned, yet the?average utilization rate is only 30%. Thus, while the H20 reprieve offers short-term relief, the broader industry must remain prepared for worst-case geopolitical scenarios and focus on optimizing and sharing high-cost compute infrastructure.