<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/70q3JVNJkEJ0cxjxOdzi9Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTk2MA--/https://media.zenfs.com/en/us.finance.gurufocus/528af7acf1b685a79f0a0ee8c34ab69c?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/70q3JVNJkEJ0cxjxOdzi9Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTk2MA--/https://media.zenfs.com/en/us.finance.gurufocus/528af7acf1b685a79f0a0ee8c34ab69c"/></p>
<p>本文首次出现在 GuruFocus。</p>
<p>英伟达（NASDAQ:NVDA）股价上涨 1.54%，至 187.69 美元，投资者权衡中国可能允许主要科技公司重新启动 H200 AI 芯片采购准备的迹象。中国当局已指示阿里巴巴集团（BABA）及其他大型平台准备英伟达 H200 处理器的订单，此前的海关行动暂时扰乱了货物运输。</p>
<p>这一指导表明北京在走一条狭窄的道路。一方面，官员们正在加强对先进芯片进口的监管；另一方面，国内云服务提供商和 AI 开发者仍然依赖 H200 级硬件进行大规模训练工作。此举是在报告了一个时断时续的审批流程后进行的，企业也被鼓励在任何英伟达采购中优先考虑国内生产的芯片。</p>
<p>这一时机与英伟达首席执行官黄仁勋计划于 1 月底进行的中国之行重叠，英伟达希望在政策不确定性笼罩的市场中重新建立势头。对于阿里巴巴来说，获得 H200 供应将支持其云计算和 AI 扩展计划，尽管任何国内采购条件可能会使资本支出决策和支出节奏变得复杂。</p>

<p>英伟达股价上涨 1.54%，至 187.69 美元，因为中国发出可能重启 H200 AI 芯片订单的信号。中国官员已指示包括阿里巴巴在内的主要科技公司准备采购英伟达的 H200 处理器，尽管对先进芯片进口的审查仍在继续。这一举动表明北京正在进行权衡，因为国内云服务提供商依赖 H200 硬件来处理 AI 工作负载。此时恰逢英伟达首席执行官黄仁勋即将访问中国，旨在在政策不确定性中重新获得市场动力</p>

<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/70q3JVNJkEJ0cxjxOdzi9Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTk2MA--/https://media.zenfs.com/en/us.finance.gurufocus/528af7acf1b685a79f0a0ee8c34ab69c" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/70q3JVNJkEJ0cxjxOdzi9Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTk2MA--/https://media.zenfs.com/en/us.finance.gurufocus/528af7acf1b685a79f0a0ee8c34ab69c"/></p>
<p>This article first appeared on GuruFocus.</p>
<div class="lb-trans"><p>本文首次出现在 GuruFocus。</p>
</div><p>Nvidia (NASDAQ:NVDA) shares rose 1.54% to $187.69, as investors weighed signs that China may allow major tech firms to restart preparations for H200 AI chip purchases. Chinese authorities have instructed Alibaba Group (BABA) and other large platforms to prepare orders for Nvidia's H200 processors, following recent customs actions that temporarily disrupted shipments.</p>
<div class="lb-trans"><p>英伟达（NASDAQ:NVDA）股价上涨 1.54%，至 187.69 美元，投资者权衡中国可能允许主要科技公司重新启动 H200 AI 芯片采购准备的迹象。中国当局已指示阿里巴巴集团（BABA）及其他大型平台准备英伟达 H200 处理器的订单，此前的海关行动暂时扰乱了货物运输。</p>
</div><p>The guidance points to Beijing walking a narrow line. On one hand, officials are tightening oversight of advanced chip imports. On the other, domestic cloud providers and AI developers still depend on H200-class hardware for large-scale training workloads. The move follows reports of an on-and-off approval process, with companies also being encouraged to prioritize domestically produced chips alongside any Nvidia purchases.</p>
<div class="lb-trans"><p>这一指导表明北京在走一条狭窄的道路。一方面，官员们正在加强对先进芯片进口的监管；另一方面，国内云服务提供商和 AI 开发者仍然依赖 H200 级硬件进行大规模训练工作。此举是在报告了一个时断时续的审批流程后进行的，企业也被鼓励在任何英伟达采购中优先考虑国内生产的芯片。</p>
</div><p>The timing overlaps with Nvidia CEO Jensen Huang's planned China trip in late January, as Nvidia looks to re-establish momentum in a market clouded by policy uncertainty. For Alibaba, access to H200 supply would support cloud and AI expansion plans, although any domestic procurement condition could complicate capex decisions and spending cadence.</p>
<div class="lb-trans"><p>这一时机与英伟达首席执行官黄仁勋计划于 1 月底进行的中国之行重叠，英伟达希望在政策不确定性笼罩的市场中重新建立势头。对于阿里巴巴来说，获得 H200 供应将支持其云计算和 AI 扩展计划，尽管任何国内采购条件可能会使资本支出决策和支出节奏变得复杂。</p>
</div>

China--Nvidia Ties Appear Back On

- Nvidia 股价上涨 1.54%，达到 187.69 美元。  
- 中国当局指示阿里巴巴等大平台准备采购 H200 芯片。  
- 此政策旨在提升国内 AI 开发，但也可能影响资本支出决策。

中国与 NVIDIA 的关系似乎重新恢复