Jensen Huang Said Its China AI Business Was Dead. Reuters Just Found $3.2 Billion That Raises Questions

Résumé détaillé

NVIDIA told investors to expect nothing from China, and Jensen Huang called its market share there zero. Chinese procurement records tell a different story, and the gap could matter more than any earnings beat.

For four straight quarters, NVIDIA (NASDAQ:NVDA) gave guidance that left China out entirely. A Reuters investigation published November 13, 2026 found that Chinese demand for NVIDIA hardware kept going anyway. The report came out the same week CBS News covered Jensen Huang's resignation as chief executive.

In 2025, Huang said NVIDIA's China market share had fallen from 95% to zero after U.S. export restrictions. The company's filings told the same story. In Q3 FY2026, NVIDIA said H20 sales were "insignificant in Q3, reflecting export restriction impacts on China-targeted products." In Q1 FY2027, it shipped no H20 compute products to China, compared with $4.6B a year earlier.

On the August 26 call, CFO Colette Kress said: "Given ongoing geopolitical uncertainty, there is no China data center compute revenue in our forward outlook." Licensed Hopper 200 shipments to China made up less than 1% of Data Center revenue, and she called them "dilutive to corporate gross margins." NVIDIA's August filing said the company was effectively excluded from China's data-center computing market.

For many Americans, funding a 401(k) only leads to more retirement questions. Should you roll your 401k into an IRA, and when? What's the tax impact if the rollover check gets made out to the wrong name? When do required withdrawals begin, and how much do you have to take?

Reuters found more than 150 Chinese procurement notices, investment plans, contracts, and corporate reports. Together they cover over 23 billion yuan ($3.2 billion) in AI computing projects built around restricted NVIDIA processors, including H100, H200 and H800 chips. That total includes supporting infrastructure, so it measures what Chinese buyers are spending on projects, a broader figure than NVIDIA's chip revenue. Some of the projects are running, some are under construction, and some are still planned.

Reuters also quoted IDC estimates that NVIDIA held 34% of Chinese AI-accelerator shipments in the first half of 2026.

Read…

H…

Début de l'article, extrait de Yahoo Finance. Pour lire la suite, ouvrez l'article chez le média.