Jensen Huang says US chip curbs erased NVIDIA's China market
What's the story
NVIDIA founder and CEO Jensen Huang has criticized the US government's export restrictions on chips. He said these measures have completely wiped out the company's presence in China, a major market for them. "We went from 95% market share to 0%," Huang said at the Citadel Securities Future of Global Markets 2025 event in New York.
Policy critique
Huang questions US policy logic
Huang questioned the logic behind the US policy that led to this drastic market share drop. He said, "I can't imagine any policymaker thinking that's a good idea, that whatever policy we implemented caused America to lose one of the largest markets in the world to zero." This statement highlights his disbelief at how such a decision could be made by policymakers.
Financial impact
Financial forecasts assume zero revenue from China
Huang also revealed that NVIDIA's financial forecasts now assume "zero" revenue from China. He said, "In all of our forecasts, if there are any shareholders out there, we're assuming zero for China. If anything happens in China, which I hope it will, it'll be a bonus." This statement shows how much the export restrictions have affected NVIDIA's business outlook.
Market warning
Huang warns of mutual harm from continued restrictions
Huang warned that cutting off access to China, the second-largest computer market in the world, would hurt both countries. He said, "I think it's a mistake for the United States not to participate." This statement emphasizes his belief that collaboration with China is crucial for mutual growth and innovation in the technology sectors.
Export ban
AI chips banned from export to China since 2022
NVIDIA's advanced AI chips, including the A100, H100, and H200, have been banned from export to China since 2022. Although the company got approval to sell a lower-end H20 chip tailored for the market, Beijing has raised security concerns over it. Huang reiterated that excluding NVIDIA from China helps Chinese competitors like Huawei Technologies and threatens America's own tech leadership.
Innovation impact
'China has about 50% of the world's AI researchers'
Huang stressed China's importance to global innovation, saying "the developers are vitally important for any software industry, and China has about 50% of the world's AI researchers." He said it's a mistake not to have those researchers build AI on American technology. "Hopefully, we will continue to explain and inform and hold on to hope for a change in policy," Huang added.