<p><strong>英伟达</strong>(NVDA 0.34%) 可以说是世界上最重要的公司，因为其图形处理单元 (GPU) 已成为人工智能 (AI) 基础设施的黄金标准。事实上，<strong>Forrester Research</strong> 的分析师最近评论道：“没有英伟达的 GPU，现代人工智能将不可能实现。”</p>
<p>然而，特朗普总统将英伟达拖入了与中国的贸易战中，政治交火一直是该公司的一个持续问题。两国都以国家安全为理由限制该公司产品的销售或购买，投资者最近在这方面又得到了坏消息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ0NDUvc2VtaWNvbmR1Y3Rvci1jaGluYS0yLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ0NDUvc2VtaWNvbmR1Y3Rvci1jaGluYS0yLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达被夹在特朗普总统与中国的贸易战中</h2>
<p>在第一季度，英伟达因特朗普总统将出口限制扩大到包括 H20 图形处理单元 (GPU) 而损失了 45 亿美元。这些半导体是 H100 GPU 和 H200 GPU 的缩减版本，专为符合拜登时代出口管制的中国公司设计。因此，当特朗普改变条款时，英伟达留下了无法销售的库存。</p>
<p>英伟达首席执行官黄仁勋一再坚称，出口禁令不会减缓中国的进展，而是会扼杀美国的技术领导地位。英伟达在社交媒体上评论道：“为了让美国赢得人工智能竞赛，美国的全栈平台必须保持全球标准。”</p>
<p>有趣的是，尽管总统以国家安全为理由实施出口管制，但他在七月与黄仁勋达成了一项协议，允许英伟达在中国销售 H20 GPU，前提是政府获得 15% 的销售额。这一前所未有的安排引发了关于国家安全风险是否是特朗普对私营部门施加影响的策略，或者他是否将商业利益置于国家安全之上的质疑。</p>
<p>无论如何，特朗普决定解除出口限制对英伟达来说是一个胜利。黄仁勋表示，中国的人工智能市场目前是一个 500 亿美元的机会，并且每年以 50% 的速度增长。这意味着如果公司能够为中国客户提供人工智能基础设施，到本世纪末可能会获得数千亿美元的收入。</p>
<h2>英伟达最近从中国政府那里得到了坏消息</h2>
<p>在特朗普与英伟达谈判达成收入分成协议后不久，美国商务部长霍华德·卢特尼克发表了让中国当局不满的言论。他在接受 CNBC 采访时表示：“我们不向他们出售我们最好的东西，不是我们的第二好的东西，甚至不是我们的第三好的东西。我认为第四好的东西就是我们所能提供的。”</p>
<p>虽然卢特尼克的声明没有什么特别令人惊讶的——众所周知，H20 GPU 是更强大加速器（如 H100 和 H200）的缩减版本——但他的措辞和冷漠的表达方式激怒了北京的领导人。随后，中国政府告诉公司停止购买 H20 GPU，理由是国家安全问题。根据《信息报》，英伟达已停止该芯片的生产。</p>
<p>更近期，中国政府指控英伟达在 2020 年收购网络专家 Mellanox 时违反了反垄断法。作为回应，北京的网络安全监管机构敦促中国公司不要购买 RTX Pro 6000D 芯片，这些芯片旨在支持工业人工智能工作负载。相反，中国正在推动其公司依赖华为等本土硬件。</p>
<p>事实上，虽然 <strong>阿里巴巴集团</strong>、<strong>腾讯</strong> 和 TikTok 母公司字节跳动历来是英伟达硬件的主要买家，但《华尔街日报》最近报道，这些公司现在更加依赖国内芯片。这无疑对英伟达及其股东来说是坏消息，因为这意味着中国不太可能在短期内成为重要的收入来源。</p>
<p>作为背景，<strong>Piper Sandler</strong> 分析师 Harsh Kumar 估计英伟达明年将从中国获得 560 亿美元的收入。但考虑到美中之间的政治紧张局势，这一结果现在似乎非常不可能。实际上，随着形势的发展，一些分析师质疑英伟达明年是否会从中国获得任何收入。</p>

英伟达

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半导体 3 倍做多 - Direxion

<p>英伟达面临由于美中贸易紧张局势带来的重大挑战，最近因出口限制而导致其 H20 GPU 的减值达到 45 亿美元。尽管与特朗普达成了允许在中国销售的收入分成协议，但美国商务部长的言论激怒了中国官员，导致 H20 GPU 的采购暂停。中国政府现在正在敦促企业依赖国内替代品，这使得英伟达预计明年来自中国的 560 亿美元收入面临风险，政治紧张局势也在加剧</p>

<p><strong>Nvidia</strong>(NVDA 0.34%) is arguably the most important company in the world because its graphics processing units (GPUs) have become the gold standard in artificial intelligence (AI) infrastructure. Indeed, <strong>Forrester Research</strong> analysts recently commented, &#34;Without Nvidia's GPUs, modern AI wouldn't be possible.&#34;</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 0.34%) 可以说是世界上最重要的公司，因为其图形处理单元 (GPU) 已成为人工智能 (AI) 基础设施的黄金标准。事实上，<strong>Forrester Research</strong> 的分析师最近评论道：“没有英伟达的 GPU，现代人工智能将不可能实现。”</p>
</div><p>However, President Donald Trump has dragged Nvidia into his trade war with China, and political crossfire has been a constant problem for the company. Both countries have used national security as justification to restrict the sale or purchase of the company's products, and investors recently got some more bad news on that front.</p>
<div class="lb-trans"><p>然而，特朗普总统将英伟达拖入了与中国的贸易战中，政治交火一直是该公司的一个持续问题。两国都以国家安全为理由限制该公司产品的销售或购买，投资者最近在这方面又得到了坏消息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ0NDUvc2VtaWNvbmR1Y3Rvci1jaGluYS0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834445%2Fsemiconductor-china-2.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Nvidia is caught in the middle of President Trump's trade war with China</h2>
<div class="lb-trans"><h2>英伟达被夹在特朗普总统与中国的贸易战中</h2>
</div><p>Nvidia took a $4.5 billion write-down in the first quarter, when President Trump extended export restrictions to include H20 graphics processing units (GPUs). Those semiconductors, scaled-back versions of the H100 GPU and H200 GPU, had been designed specifically for Chinese companies in compliance with Biden-era export controls. So, Nvidia was left with inventory it could not sell when Trump changed the terms.</p>
<div class="lb-trans"><p>在第一季度，英伟达因特朗普总统将出口限制扩大到包括 H20 图形处理单元 (GPU) 而损失了 45 亿美元。这些半导体是 H100 GPU 和 H200 GPU 的缩减版本，专为符合拜登时代出口管制的中国公司设计。因此，当特朗普改变条款时，英伟达留下了无法销售的库存。</p>
</div><p>Nvidia CEO Jensen Huang has repeatedly insisted that export bans would not slow progress in China, the second-largest artificial intelligence (AI) market in the world, but would instead stifle U.S. technology leadership. Nvidia commented on social media, &#34;For the U.S. to win the AI race, America's full-stack platform must remain the global standard.&#34;</p>
<div class="lb-trans"><p>英伟达首席执行官黄仁勋一再坚称，出口禁令不会减缓中国的进展，而是会扼杀美国的技术领导地位。英伟达在社交媒体上评论道：“为了让美国赢得人工智能竞赛，美国的全栈平台必须保持全球标准。”</p>
</div><p>Interestingly, while the president cited national security as grounds for export controls, he made a deal with Huang in July that allows Nvidia to sell H20 GPUs in China, provided the government gets 15% of sales. The unprecedented arrangement raised questions about whether the national security risks were a gambit for Trump to exert influence over the private sector or whether he is prioritizing business interests over national security.</p>
<div class="lb-trans"><p>有趣的是，尽管总统以国家安全为理由实施出口管制，但他在七月与黄仁勋达成了一项协议，允许英伟达在中国销售 H20 GPU，前提是政府获得 15% 的销售额。这一前所未有的安排引发了关于国家安全风险是否是特朗普对私营部门施加影响的策略，或者他是否将商业利益置于国家安全之上的质疑。</p>
</div><p>Regardless, Trump's decision to lift the export restrictions was a win for Nvidia. Huang says the AI market in China is currently a $50 billion opportunity and is growing at a rate of 50% annually. That means the company could earn hundreds of billions of dollars in revenue by the end of the decade if it can supply Chinese customers with AI infrastructure.</p>
<div class="lb-trans"><p>无论如何，特朗普决定解除出口限制对英伟达来说是一个胜利。黄仁勋表示，中国的人工智能市场目前是一个 500 亿美元的机会，并且每年以 50% 的速度增长。这意味着如果公司能够为中国客户提供人工智能基础设施，到本世纪末可能会获得数千亿美元的收入。</p>
</div><h2>Nvidia recently got bad news from the Chinese government</h2>
<div class="lb-trans"><h2>英伟达最近从中国政府那里得到了坏消息</h2>
</div><p>Shortly after Trump negotiated a revenue-sharing arrangement with Nvidia, U.S. Commerce Secretary Howard Lutnick made comments that upset Chinese authorities. &#34;We don't sell them our best stuff, not our second-best stuff, not even our third-best stuff. I think fourth best is where we have come out,&#34; he told CNBC. &#34;So, you want to sell the Chinese enough that their developers get addicted to the American technology stack.&#34;</p>
<div class="lb-trans"><p>在特朗普与英伟达谈判达成收入分成协议后不久，美国商务部长霍华德·卢特尼克发表了让中国当局不满的言论。他在接受 CNBC 采访时表示：“我们不向他们出售我们最好的东西，不是我们的第二好的东西，甚至不是我们的第三好的东西。我认为第四好的东西就是我们所能提供的。”</p>
</div><p>While nothing about Lutnick's statement is particularly surprising -- it is widely known that the H20 GPU is a scaled-down version of more powerful accelerators like the H100 and H200 -- his choice of words and callous delivery rankled leaders in Beijing. Shortly thereafter, the Chinese government told companies to stop buying H20 GPUs due to national security concerns. Nvidia has since halted production of the chip, according to The Information.</p>
<div class="lb-trans"><p>虽然卢特尼克的声明没有什么特别令人惊讶的——众所周知，H20 GPU 是更强大加速器（如 H100 和 H200）的缩减版本——但他的措辞和冷漠的表达方式激怒了北京的领导人。随后，中国政府告诉公司停止购买 H20 GPU，理由是国家安全问题。根据《信息报》，英伟达已停止该芯片的生产。</p>
</div><p>More recently, the Chinese government accused Nvidia of violating its antimonopoly laws when it acquired networking specialist Mellanox in 2020. In turn, Beijing's top cybersecurity regulator urged Chinese companies not to buy RTX Pro 6000D chips, which are designed to support industrial AI workloads. Instead, China is pushing its companies to rely on homegrown hardware from companies like Huawei.</p>
<div class="lb-trans"><p>更近期，中国政府指控英伟达在 2020 年收购网络专家 Mellanox 时违反了反垄断法。作为回应，北京的网络安全监管机构敦促中国公司不要购买 RTX Pro 6000D 芯片，这些芯片旨在支持工业人工智能工作负载。相反，中国正在推动其公司依赖华为等本土硬件。</p>
</div><p>Indeed, while <strong>Alibaba Group</strong>, <strong>Tencent</strong>, and TikTok-parent ByteDance have historically been major buyers of Nvidia hardware, <em>The Wall Street Journal</em> recently reported that those companies are now leaning more heavily on domestic chips. That is undoubtedly bad news for Nvidia and its shareholders because it means China is unlikely to be a material source of revenue anytime soon.</p>
<div class="lb-trans"><p>事实上，虽然 <strong>阿里巴巴集团</strong>、<strong>腾讯</strong> 和 TikTok 母公司字节跳动历来是英伟达硬件的主要买家，但《华尔街日报》最近报道，这些公司现在更加依赖国内芯片。这无疑对英伟达及其股东来说是坏消息，因为这意味着中国不太可能在短期内成为重要的收入来源。</p>
</div><p>For context, <strong>Piper Sandler</strong> analyst Harsh Kumar estimated that Nvidia would earn $56 billion in revenue from China next year. But that outcome now seems very unlikely given the political tension between the U.S. and China. Indeed, the way the winds are blowing, some analysts question whether Nvidia will see any revenue from China next year.</p>
<div class="lb-trans"><p>作为背景，<strong>Piper Sandler</strong> 分析师 Harsh Kumar 估计英伟达明年将从中国获得 560 亿美元的收入。但考虑到美中之间的政治紧张局势，这一结果现在似乎非常不可能。实际上，随着形势的发展，一些分析师质疑英伟达明年是否会从中国获得任何收入。</p>
</div>

Nvidia Stock Investors Just Got Bad News From China -- It Could Cost the Chipmaker $56 Billion

- Nvidia 在人工智能基础设施中占据重要地位。  
- 由于特朗普的贸易战，Nvidia 面临出口限制和中国市场的挑战。  
- 中国政府已要求停止购买 H20 GPU，影响 Nvidia 的收入预期。  

英伟达的股票投资者刚刚从中国收到坏消息——这可能会让这家芯片制造商损失 560 亿美元