Nvidia still waiting on Chinese H200 revenues to materialize

"While small amounts of H200 products for China based customers were approved by the US government, we have yet to generate any revenue, and we do not know whether any imports will be allowed into China. That's a reference to the fact that while Washington is happy for H200 sales, Beijing has not granted its blessing."

"Our competitors in China, bolstered by recent IPOs, are making progress and have the potential to disrupt the structure of the global AI industry over the long term. To sustain its leadership position in AI... America must engage every developer and be the platform of choice for every commercial business, including those in China."

Three months after the Trump administration permitted Nvidia to sell H200 accelerators to China in exchange for 25 percent revenue sharing, the company has generated no revenue from these sales. Beijing has not approved imports despite U.S. authorization. CFO Colette Kress excluded Chinese datacenter revenues from Q1 2027 forecasts, indicating no near-term improvement expected. Kress warned of technological decoupling risks, noting Chinese competitors strengthened by recent IPOs could disrupt the global AI industry. She emphasized America must remain the platform of choice for all developers, including Chinese businesses, to maintain AI leadership. CEO Jensen Huang discussed orbital datacenter deployment challenges and opportunities for AI applications in space.

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