Nvidia's Jensen Huang: The Chinese market will eventually open up to American AI chips

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Nvidia CEO Jensen Huang said in a Bloomberg interview that he expects the Chinese market to gradually open up to H200 chip imports. However, as of now, none of the ten Chinese companies approved by the U.S. side have had their orders shipped. Under government direction, Chinese enterprises have withdrawn orders and shifted toward supporting domestic suppliers such as Huawei. (Background: Trump: China "chooses not to buy" Nvidia H200, pivots to full self-development of AI chips) (Background supplement: Five key details from Trump's China visit: no mention of tariffs, "no commitment" to Taiwan, plans to ease China's purchases of Iranian oil...) $50 billion is the valuation tag Jensen Huang has placed on the Chinese market. But as of today (the 19th), Nvidia's AI chip sales in China remain zero. Jensen Huang last week accompanied Trump to the Beijing summit as a member of the U.S. business delegation, and gave a Bloomberg interview after returning. In the interview, he said he expects the Chinese government will eventually open up the market: "The Chinese government has to decide how much of the local market they want to protect. My judgment is that this market will open up over time." The U.S. approved, Beijing blocked To understand this contradiction, you first need to separate what the "U.S. government" and "Chinese enterprises" are each doing. H200 is currently Nvidia's main AI training chip available for sale to Chinese customers. In December 2025, the Trump administration agreed to allow Nvidia to ship H200 to Chinese customers, and the U.S. Department of Commerce has since issued licenses, with ten Chinese tech companies including Alibaba, Tencent, ByteDance, and JD.com approved to purchase. But none of these orders have materialized. Jensen Huang mentioned in the interview that he did not directly discuss H200 sales with Chinese officials, but he acknowledged that the issue did come up in sideline meetings between officials from both sides. Trump said on his way back to Washington that H200 "was indeed mentioned, and I think there will be some progress," but did not elaborate. He also added that China has not currently approved purchases, "because they choose not to buy; they want to develop their own technology." U.S. Commerce Secretary Lutnick's statement was more direct: Beijing blocked imports in order to channel investment to domestic chip manufacturers. This is a deliberate industrial policy choice, not a matter of technical or security factors. $50 billion vs. zero: What this set of numbers explains Jensen Huang previously characterized the Chinese market as a "$50 billion opportunity" for Nvidia. However, in Nvidia's earlier 2026 financial guidance, China AI chip sales estimates were maintained at zero. In March this year, Jensen Huang stated that Nvidia had received U.S. government approval to ship to "multiple customers" in China, and had prepared H200 production capacity accordingly. However, according to sources familiar with the matter as obtained by Bloomberg, although Nvidia received orders, Chinese enterprises subsequently notified Nvidia that these purchases could not actually be fulfilled. The backdrop for this "inability to fulfill" is precisely Beijing's semiconductor self-sufficiency strategy. The Chinese government has chosen to channel capital toward domestic suppliers such as Huawei, rather than letting procurement flow to U.S. chipmakers. From an industrial policy perspective, this is a costly choice: in the short term, Chinese enterprises may have to use domestic solutions with weaker compute specifications, but in the long term it cultivates homegrown competitors.

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