Overview

• Nvidia filed for export licenses on July 15 to ship its mid-range H20 AI GPU to China after the U.S. government promised prompt approvals and expects deliveries to start imminently.
• The application announcement drove a rally in global technology stocks, boosting shares on both the Nasdaq and the Hong Kong Stock Exchange.
• The H20 is a deliberately pared-down variant of Nvidia’s top AI semiconductors, developed to comply with U.S. licensing rules while meeting Chinese market demand.
• Exports of Nvidia’s most powerful AI chips remain banned under U.S. national security restrictions amid concerns over their potential use in Chinese military programs.
• CEO Jensen Huang is in Beijing for the International Supply Chain Expo, where he has met with Chinese officials and praised the country’s open-source AI initiatives.