Overview

• Nvidia reported record results but issued a softer third‑quarter sales forecast that leaves out potential China revenue, and the stock slipped after the guidance.
• Jensen Huang said China is "effectively closed" to the company, noting Nvidia sold no H20 chips there last quarter and guiding revenue to $52.9 billion–$55.1 billion.
• Alibaba introduced a homegrown AI processor positioned to replace Nvidia’s restricted H20 for Chinese developers, while smaller vendor MetaX touted performance gains in memory‑heavy tasks with trade‑offs in power use.
• Nvidia is pursuing an export‑compliant Blackwell variant for China, and a Fox Business reporter said Huang signaled openness to giving the U.S. government a cut of any approved China sales.
• Management highlighted resilient demand outside China, including a $650 million H20 order from a non‑China customer, and said $2–$5 billion of H20 shipments could proceed if geopolitical hurdles ease.