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原文標題：
Nvidia CEO Jensen Huang hammers chip controls that ‘effectively closed’
China market
原文連結：https://tinyurl.com/2s4jbaaz
發布時間：Wed, May 28 20257:13 PM EDT
記者署名：Kif Leswing
原文內容：

As pleased as Wall Street was with Nvidia’s
 quarterly results on Wednesday, CEO Jensen Huang said the company is leaving
billions of dollars in revenue on the table because it can no longer sell to
China.

儘管華爾街對 Nvidia 本季財報感到相當滿意，執行長黃仁勳卻指出，由於無法再向中國
銷售產品，公司因此損失了數十億美元的營收機會。

“The $50 billion China market is effectively closed to U.S. industry,” Huang
 told analysts at the beginning of his prepared remarks on the earnings call.
“As a result, we are taking a multibillion-dollar writeoff on inventory that
cannot be sold or repurposed.”



Even without access to the world’s second-biggest economy, Nvidia reported 69
% year-over-year revenue growth to $44 billion in the fiscal first quarter,
topping analysts’ estimates. The stock rose about 4% in extended trading to a
 level that would be the highest since January if it stays there on Thursday.



Nvidia shares are now up for the year, after a difficult start to 2025, adding
 to a rally that lifted the company’s market cap by almost 240% in 2023 and
over 170% last year.

儘管 2025 年開局艱難，Nvidia 股價今年仍上漲，延續了 2023 年增幅近 240%、去年超
過 170% 的強勁漲勢。

Still, Huang is making his displeasure with the China situation quite clear.

然而，黃仁勳對中國市場的情況仍深感不滿。

In April, the Trump administration told Nvidia that its previously approved
H20 processor for China would require an export license, which effectively cut
 off sales with “no grace period,” the company said on Wednesday. The U.S.
government has highlighted the national security concerns of having Nvidia’s
sophisticated AI chips sold to a chief adversary.



The H20 was introduced by Nvidia after the Biden administration restricted AI
chip exports in 2022. It’s a slowed-down version intended to comply with U.S.
 export controls.

H20 是在 2022 年拜登政府限制 AI 晶片出口後，Nvidia 推出的降規版本，旨在符合美
國出口控制。

Nvidia said on Wednesday that sales in the latest quarter would have been $2.5
 billion higher if the company could have sold H20 chips for the full quarter,
 instead of stopping in April when it got the government letter. It had to
write off $4.5 billion in inventory it couldn’t use anymore.

Nvidia 表示，如果能在整個季度銷售 H20 晶片，該季度營收本可以增加 25 億美元；此
外，公司還必須對 價值 45 億美元的庫存進行報廢處理。

In the current quarter, Nvidia said it had $8 billion in planned H20 orders
that now have to be scrapped. Nvidia’s guidance is for $45 billion in the
current period, a number that would’ve been roughly 18% higher if not for the
 restriction.

進入本季度，Nvidia 原本有 80 億美元的 H20 訂單計畫，現在必須全數取消。Nvidia
本季的營收指引為 450 億美元，若無出口限制，本可再增約 18%。

In Huang’s view, the export controls not only hurt Nvidia, but the whole of
the U.S. He said China will “move on” with or without Nvidia’s chips, and
that Chinese AI researchers will turn to homegrown chips and technology from
companies including Huawei.

黃仁勳指出，出口限制不僅損害 Nvidia，也影響整個美國。他表示，中國即使沒有
Nvidia 的晶片也會「自行前進」，中國的 AI 研究人員將轉向華為等本土技術供應商。

“The U.S. has based its policy on the assumption that China cannot make AI
chips,” Huang said. “That assumption was always questionable, and now it’s
clearly wrong.”

黃仁勳說：「美國政策建立在中國無法製造 AI 晶片的假設上，但這個假設本來就值得懷
疑，而現在已被證明錯誤。」

“The question is not whether China will have AI,” Huang added. “It already
does.”

他補充：「問題不在於中國會不會擁有 AI，他們已經擁有了。」

While Huang has become increasingly public in his disagreements with the
export control policy, he’s very careful not to criticize President Donald
Trump, who has made a habit out of making life difficult for companies and
individuals that openly oppose him.

儘管越來越公開反對出口限制，黃仁勳仍避免直接批評總統川普。因為川普一貫對敢於公
開反對他的公司或個人採取強硬態度。

Huang thanked Trump for rescinding the pending “AI diffusion” rule that
would have put AI chip quotas on most countries, and praised him for helping
strike deals with Saudi Arabia and the United Arab Emirates to build massive
data centers in the Middle East. He said Nvidia was building its latest chips
and systems on U.S. soil, a nod to Trump’s plan to bring high-tech
manufacturing stateside.



“We share this vision” of highly automated manufacturing with Trump, Huang
said.

黃仁勳表示：「我們與川普共享這個高度自動化製造的願景。」

But Huang admitted that Nvidia doesn’t have another answer to the China issue
.

但他也坦承，Nvidia 對於中國市場目前「沒有替代方案」。

When asked on Wednesday if the company is working on a new China-focused chip
to sell into the region or if Nvidia expected to get any relief from the
administration, Huang said there’s no replacement product at the moment, and
that the latest U.S. limits are “quite stringent.”

當被問及是否開發新版本晶片以應對中國市場，或是否預期美國政府會鬆綁限制時，黃仁
勳回應：目前沒有替代產品，美國新規定「非常嚴格」。

“The president has a plan,” Huang said. “He has a vision, and I trust him.
”
他最後說道：「總統有他的計畫，也有他的願景，我信任他。」

心得/評論：

老黃講到最後也不敢得罪川普

就很像2023年時
劉德音不敢得罪●●
只好說：「我們只能相信」

同樣的無奈啊

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※ 作者: TyuzuChou 2025-05-29 11:26:45
※ 文章代碼(AID): #1eDzFutE (Stock)
※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1748489208.A.DCE.html