Nvidia：夾在中美之間的AI晶片巨頭

Nvidia, a leading company in the technology sector, has gained significant attention due to its role in the ongoing tensions between the United States and China. The company's CEO, Jensen Huang, has been dubbed a 'rock star' in the tech industry, and his recent trip to Beijing highlights the importance of Nvidia in the global race for artificial intelligence (AI) supremacy. Huang's visit came shortly after the US government imposed new export controls on Nvidia's chips, specifically requiring licenses for the sale of its H20 AI chip to China. The US Commerce Department stated that these measures are intended to protect national and economic security, and Nvidia has been informed that these restrictions will remain in place for an indefinite period. This situation raises the question: why is Nvidia so crucial in the competition between the US and China for AI technology? Nvidia specializes in designing advanced semiconductors that are essential for generative AI, a technology that can create new content based on user prompts, similar to how ChatGPT operates. The increasing global demand for AI chips has propelled Nvidia to become one of the most valuable companies worldwide, even briefly surpassing Apple in market capitalization last November. Given the strategic importance of Nvidia's chips in advancing generative AI, the US government has closely monitored the company's dealings with China. The aim of the new export controls is to hinder China's development of advanced AI chips, particularly their potential use by the Chinese military, thereby securing a competitive edge for the US in the AI arena. The restrictions on Nvidia's sales to China are not a new phenomenon. In 2022, the Biden administration implemented separate export controls on advanced semiconductors destined for China. Nvidia had designed the H20 chip to comply with these existing regulations, while a more powerful chip, the H100, was already prohibited from being sold in China. However, the emergence of DeepSeek, a Chinese generative AI company, has raised fresh concerns in the US. DeepSeek claims it can achieve results comparable to other applications like ChatGPT using less advanced chips, which has led to worries that even the H20 chips could enable significant technological advancements in China. As a result, there is a growing demand for Nvidia's H20 chips among major Chinese tech companies such as Tencent, Alibaba, and ByteDance, the parent company of TikTok. Unfortunately, due to the immediate implementation of the new export controls, Nvidia anticipates losses of approximately $5. 5 billion from orders it can no longer fulfill. Chim Lee, a senior analyst at the Economist Intelligence Unit in Beijing, noted that alternative AI chips are being developed in China by companies like Huawei. While these chips are currently considered inferior to Nvidia's offerings, Lee suggested that the US restrictions could motivate China to enhance its chip development capabilities. He acknowledged that while the new rules may pose challenges for China's AI landscape, they are unlikely to significantly impede the country's overall progress in AI development and deployment. China represents a vital market for Nvidia, accounting for 13% of the company's total sales last year, although this is still considerably less than the nearly half of sales generated in the United States. Huang's trip to China is perceived as an effort to strengthen Nvidia's business presence in the country despite the recent export controls. During his meetings in Beijing, Huang expressed his desire to continue collaborating with China, as reported by state broadcaster CCTV. Additionally, Huang's itinerary included a meeting with DeepSeek's founder, Liang Wenfeng, indicating his interest in the future of AI in China. A senior Chinese official, He Lifeng, also emphasized the vast investment and consumption potential of China's market during discussions with Huang. Furthermore, during talks with the mayor of Shanghai, Huang reiterated his commitment to the Chinese market, as stated by the Shanghai government. The new export controls imposed by the US are part of a broader strategy to reduce reliance on China for advanced technology and to encourage semiconductor production to return to the US. Nvidia recently announced plans to invest in AI servers in the US, with a projected value of up to $500 billion. President Trump later claimed that his re-election played a role in Nvidia's decision to expand its operations. In March, TSMC, a Taiwanese semiconductor giant that manufactures Nvidia's chips, announced an additional investment of $100 billion in advanced manufacturing facilities in Arizona. Gary Ng, a senior economist at Natixis, commented that these developments indicate a growing polarization in global technology, with two distinct systems emerging: one led by the US and the other by China. He noted that technology is becoming less global and will be subject to increased restrictions.