<p>英伟达宣布，由于美国政府实施的新出口限制，公司将承担约 55 亿美元与其 H20 图形处理单元（GPU）出口相关的费用。该公司在最近的文件中透露，已于 4 月 9 日收到美国政府的通知，表示其针对特定国家和地区的芯片需要获得出口许可证。</p><p>这 55 亿美元的费用预计将在 2026 财年的第一季度记录，该财年将于 2025 年 4 月 27 日结束。这笔费用与 H20 产品线的库存、采购承诺及相关准备金有关。该公告强调了由于对其芯片出口限制的增加，英伟达整体增长可能放缓的潜在风险。该公司股票在消息发布后经历了显著的盘后交易下跌，突显了市场对这些限制的财务影响的担忧。</p><p>美国政府决定实施这些限制是为了更广泛地控制对某些地区的先进技术出口。这一举措可能对英伟达产生深远的影响，因为它在遵守新法规的复杂性与管理财务义务之间进行权衡。公司适应这些变化的能力将对其未来表现和市场地位至关重要。</p><p>英伟达的 H20 芯片旨在遵守美国出口限制，基于 2022 年发布的前一代 AI 架构&#34;Hopper&#34;。H20 芯片与美国及其他地区使用的 H100 和 H200 AI 芯片相当，但其互连速度和带宽较慢。预计 H20 芯片在 2024 年将产生 120 亿至 150 亿美元的收入。</p><p>除了现有的出口管制外，英伟达还将面临根据拜登政府初步&#34;AI 扩散规则&#34;从下个月开始的新出口限制。英伟达一直主张，对其芯片的进一步限制可能会抑制竞争，并可能削弱美国的技术优势。该公司此前表示，已将部分运营，包括测试和分销，迁出美国，以应对 2022 年实施的出口管制。</p><p>在上个月的公司会议上，英伟达首席执行官黄仁勋表示，当被问及出口限制时，公司将努力遵守法律。由于特朗普政府宣布对主要贸易伙伴实施广泛关税，英伟达的股票今年已下跌 16%。尽管包括智能手机、计算机和半导体在内的各种电子产品享有豁免，但特朗普和一些官员在周末表示，这些豁免是暂时的，并且是针对该行业的单独关税计划的一部分。</p><p>在英伟达披露消息后，超微半导体的股票在周二的盘后交易中下跌超过 7%，而另一家 AI 芯片制造商博通的股票也下跌了近 4%。新的出口限制预计将对半导体行业产生重大影响，因为英伟达、超微半导体和博通等公司在遵守新法规的挑战与管理财务义务之间进行权衡。这些公司适应这些变化的能力将对其未来表现和市场地位至关重要。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/a091bd7cccb42d3827db1c38e4770bae?x-oss-process=style/lg" alt="" width="1368" height="768" original-src="https://pub.pbkrs.com/uploads/2025/a091bd7cccb42d3827db1c38e4770bae"/></figure>

英伟达

<p>Nvidia 预计由于美国对其 H20 GPU 的出口限制，将产生 55 亿美元的费用，因为它必须为特定地区获得许可证。这笔费用将在 2026 财年的第一季度记录，影响库存和采购。这些限制可能会减缓 Nvidia 的增长，并导致其股价大幅下跌。该公司认为，进一步的限制可能会损害竞争和美国的技术优势。其他半导体公司如 AMD 和 Broadcom 在 Nvidia 宣布后也出现了股价下跌，突显了对整个行业的更广泛影响</p>

<p>Nvidia has announced that it will incur approximately $5.5 billion in expenses related to the export of its H20 graphics processing units (GPUs) due to new export restrictions imposed by the U.S. government. The company revealed in a recent filing that it received notification from the U.S. government on April 9, stating that it would need to obtain export licenses for its chips destined for specific countries and regions.</p>
<div class="lb-trans"><p>英伟达宣布，由于美国政府实施的新出口限制，公司将承担约 55 亿美元与其 H20 图形处理单元（GPU）出口相关的费用。该公司在最近的文件中透露，已于 4 月 9 日收到美国政府的通知，表示其针对特定国家和地区的芯片需要获得出口许可证。</p>
</div><p>The $5.5 billion expense is expected to be recorded in the first quarter of the 2026 fiscal year, which ends on April 27, 2025. This cost is associated with inventory, procurement commitments, and related reserves for the H20 product line. The announcement underscores the potential slowdown in Nvidia's overall growth due to the increased export restrictions on its chips. The company's stock experienced a significant drop in after-hours trading following the news, highlighting the market's concern over the financial implications of these restrictions.</p>
<div class="lb-trans"><p>这 55 亿美元的费用预计将在 2026 财年的第一季度记录，该财年将于 2025 年 4 月 27 日结束。这笔费用与 H20 产品线的库存、采购承诺及相关准备金有关。该公告强调了由于对其芯片出口限制的增加，英伟达整体增长可能放缓的潜在风险。该公司股票在消息发布后经历了显著的盘后交易下跌，突显了市场对这些限制的财务影响的担忧。</p>
</div><p>The U.S. government's decision to impose these restrictions is part of a broader effort to control the export of advanced technologies to certain regions. This move is likely to have far-reaching consequences for nvidia, as it navigates the complexities of complying with new regulations while managing its financial obligations. The company's ability to adapt to these changes will be crucial in determining its future performance and market position.</p>
<div class="lb-trans"><p>美国政府决定实施这些限制是为了更广泛地控制对某些地区的先进技术出口。这一举措可能对英伟达产生深远的影响，因为它在遵守新法规的复杂性与管理财务义务之间进行权衡。公司适应这些变化的能力将对其未来表现和市场地位至关重要。</p>
</div><p>Nvidia's H20 chip is designed to comply with U.S. export restrictions and is based on the previous generation of AI architecture known as &#34;Hopper,&#34; which was released in 2022. The H20 chip is comparable to the H100 and H200 AI chips used in the U.S. and other regions, but it has slower interconnect speeds and bandwidth. The H20 chip is estimated to generate revenue between $12 billion and $15 billion in 2024.</p>
<div class="lb-trans"><p>英伟达的 H20 芯片旨在遵守美国出口限制，基于 2022 年发布的前一代 AI 架构&#34;Hopper&#34;。H20 芯片与美国及其他地区使用的 H100 和 H200 AI 芯片相当，但其互连速度和带宽较慢。预计 H20 芯片在 2024 年将产生 120 亿至 150 亿美元的收入。</p>
</div><p>In addition to the existing export controls, Nvidia will face new restrictions on the products it can export starting next month, according to the Biden administration's initial &#34;AI proliferation rules.&#34; Nvidia has consistently argued that further restrictions on its chips could stifle competition and potentially weaken the U.S.'s technological edge. The company has previously stated that it has moved some of its operations, including testing and distribution, out of the U.S. following the implementation of export controls in 2022.</p>
<div class="lb-trans"><p>除了现有的出口管制外，英伟达还将面临根据拜登政府初步&#34;AI 扩散规则&#34;从下个月开始的新出口限制。英伟达一直主张，对其芯片的进一步限制可能会抑制竞争，并可能削弱美国的技术优势。该公司此前表示，已将部分运营，包括测试和分销，迁出美国，以应对 2022 年实施的出口管制。</p>
</div><p>At a company meeting last month, Jensen Huang, the CEO of Nvidia, stated that the company would strive to comply with the law when asked about the export restrictions. Nvidia's stock has declined by 16% this year, primarily due to the announcement by the Trump administration of broad tariffs on major trading partners. Despite exemptions for various electronic products, including smartphones, computers, and semiconductors, Trump and some officials indicated over the weekend that these exemptions are temporary and part of a separate tariff plan for the industry.</p>
<div class="lb-trans"><p>在上个月的公司会议上，英伟达首席执行官黄仁勋表示，当被问及出口限制时，公司将努力遵守法律。由于特朗普政府宣布对主要贸易伙伴实施广泛关税，英伟达的股票今年已下跌 16%。尽管包括智能手机、计算机和半导体在内的各种电子产品享有豁免，但特朗普和一些官员在周末表示，这些豁免是暂时的，并且是针对该行业的单独关税计划的一部分。</p>
</div><p>Following Nvidia's disclosure, Advanced Micro Devices' stock fell by more than 7% in after-hours trading on Tuesday, while Broadcom, another AI chip manufacturer, saw its stock drop by nearly 4%. The new export restrictions are expected to have a significant impact on the semiconductor industry, as companies like Nvidia, Advanced Micro Devices, and Broadcom navigate the challenges of complying with new regulations while managing their financial obligations. The ability of these companies to adapt to these changes will be crucial in determining their future performance and market position.</p>
<div class="lb-trans"><p>在英伟达披露消息后，超微半导体的股票在周二的盘后交易中下跌超过 7%，而另一家 AI 芯片制造商博通的股票也下跌了近 4%。新的出口限制预计将对半导体行业产生重大影响，因为英伟达、超微半导体和博通等公司在遵守新法规的挑战与管理财务义务之间进行权衡。这些公司适应这些变化的能力将对其未来表现和市场地位至关重要。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a89d7037d420001.png" alt="" original-src="https://lh-prod-oper-pub-opercenter.s3.amazonaws.com/discovery-image/compress-1a89d7037d420001.png"/></p>

Nvidia Faces $5.5 Billion Hit From U.S. Export Restrictions

- Nvidia 预计因美国新出口限制将产生约 55 亿美元的费用。  
- 该费用将记录在 2026 财年第一季度，影响库存和采购承诺。  
- 新限制可能减缓 Nvidia 整体增长，导致股价大幅下跌。  

英伟达因美国出口限制面临 55 亿美元的损失