Stock Markets February 5, 2026

Nvidia Says U.S. Export Limits for China Are Too Restrictive, Threatening H200 Demand

Company warns that customer vetting and sale conditions could undermine market access and a proposed government revenue share

By Hana Yamamoto NVDA
Nvidia Says U.S. Export Limits for China Are Too Restrictive, Threatening H200 Demand
NVDA

Nvidia has informed U.S. officials that recent export rules for its H200 artificial-intelligence chips bound for China are excessively burdensome and risk destroying demand, complicating the company's ability to sell into the Chinese market. The company flagged requirements for potential buyers such as Alibaba and ByteDance, and warned the restrictions could undercut a plan for the U.S. government to collect 25% of related sales. The H200, released in 2024, is less advanced than Nvidia's Blackwell and Rubin chips but remains potent enough to draw security concerns. Some administration officials, including at the State Department, have pushed for tighter constraints, and that push has been associated with delays in approvals.

Key Points

  • Nvidia argues that the compliance and buyer restrictions tied to H200 sales to China are so burdensome they could eliminate demand - this primarily affects the semiconductor sector and companies selling AI hardware into China.
  • The H200, released in 2024, is less capable than Nvidia's Blackwell and Rubin chips but still considered powerful enough to influence the AI technology race - this touches technology and national security policy areas.
  • Internal administration divisions exist, with some officials pushing for stricter controls and that push contributing to slower approval timelines - this impacts trade policy, regulatory review processes, and market access for exporters.

Nvidia has warned officials in the Trump administration that newly imposed export rules for selling certain chips to China are too onerous and risk destroying demand, complicating the company's efforts to serve Chinese customers.

Company representatives have raised objections to requirements placed on potential purchasers of its H200 artificial-intelligence processor, citing examples such as Alibaba and ByteDance as entities subject to the tighter conditions. Nvidia contends that the cumulative compliance burden attached to these sales could significantly reduce buyer interest and make access to the Chinese market more difficult.

Among the concerns Nvidia has flagged is the possible effect the rules would have on a proposal for the U.S. government to take a 25% share of proceeds from certain chip sales. Nvidia indicated that stringent buyer vetting and other restrictions could thwart that revenue plan by suppressing transactions, according to people familiar with the matter.

The H200 entered the market in 2024. Nvidia and U.S. officials distinguish it from the company's more advanced Blackwell and Rubin architectures; the H200 is positioned below those newer families in terms of capability. The Trump administration approved exports of the H200 in hopes of preserving U.S. competitiveness in China without materially enhancing Chinese AI capabilities, a balancing test cited as central to the approval.

Security analysts have warned that, despite being less advanced than the newest Nvidia chips, the H200 still carries sufficient performance to matter in the broader AI technology competition. Within the administration, officials at the State Department and other agencies have argued for stricter controls on such sales. That push for tighter restrictions has been linked to slower approval processes for export requests.

Nvidia's objections underscore the tension between commercial access to a major overseas market and national security-driven limits on technology transfer. The company has emphasized that overly demanding conditions on customers and transactions could reduce allowable sales volumes, creating friction with both its business objectives in China and policy proposals tied to revenue sharing.


Summary and context

  • Nvidia told U.S. officials that chip export rules are excessively strict and could destroy demand in China.
  • Requirements for buyers of the H200, including Alibaba and ByteDance, are viewed by Nvidia as overly burdensome.
  • The company warned the rules might thwart a plan for the government to obtain a 25% cut of sales.

Risks

  • Demand risk: Stringent buyer vetting and transaction requirements could materially reduce sales volumes for Nvidia in China, affecting revenue forecasts for semiconductor suppliers.
  • Regulatory delay risk: Advocacy within agencies for tighter restrictions has been associated with delayed export approvals, creating uncertainty for companies planning cross-border deliveries and supply chain scheduling.
  • Policy conflict risk: Tension between commercial access goals and national security safeguards may complicate implementation of revenue-sharing proposals and other policy measures tied to export approvals.

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