Nvidia CEO Jensen Huang's push to restore export access for advanced AI chips to China appears to be gaining traction, with major Chinese tech firms — including Alibaba, Tencent, ByteDance, and JD.com — reportedly among approved buyers of H200 chips. The deals have not yet closed, partly due to hesitation on Beijing's side. Wolfe Research reaffirmed Nvidia as a top AI pick with a bullish view extending to 2027.
China represents a massive potential revenue channel that Nvidia has been largely cut off from due to U.S. export controls — reopening even part of that market could materially boost forward earnings estimates. If H200 sales to these four Chinese tech giants complete, it signals a policy thaw that would directly benefit Nvidia's data center segment, its highest-margin business. Broader semiconductor names and AI-adjacent ETFs could also catch a bid on the news.
Ongoing: U.S. Commerce Department communications on export license approvals for H200 chips. Watch for any official announcements from Alibaba, Tencent, ByteDance, or JD.com confirming completed purchases. Next Nvidia earnings: late May 2025, where management will likely address China progress directly.
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