Nvidia's Q3 FY2026 earnings call revealed China data center revenue grew sequentially on "export-compliant copper products," but CFO Colette Kress noted it "remains well below levels prior to the onset of export controls." Nvidia has been selling export-compliant chips to China for two years, and China previously represented 20-30% of revenue share. NVDA is up 0.77% over the past week while Advanced Micro Devices ( NASDAQ:AMD) surged 12%. Nvidia's stock has shown limited movement following the news, while AMD has captured significant momentum.
Nvidia's H200 GPUs could begin trickling into China as soon as this quarter, but there's a catch. Due to all the geopolitical turmoil that's ravaged US-China trade relations over the past year, buyers may need to pay up front for the coveted AI accelerators. And they won't get a refund if China decides to block the imports! On Thursday, Bloomberg reported that authorities in Beijing could green-light shipments of H200s - currently the most powerful GPU Uncle Sam has ever allowed Nvidia to sell in China - as soon as this quarter.
