Nvidia says it has ‘largely conceded’ China’s AI chip market to Huawei

Nvidia CEO Jensen Huang stated that the company has "largely conceded" China's advanced AI chip market to Huawei due to U.S. export restrictions that have effectively shut Nvidia out of the country. Huang noted that Huawei is performing strongly and will likely have an exceptional year ahead, while local Chinese chip companies are thriving in the absence of Nvidia competition. Despite reporting blockbuster quarterly results with 85% revenue growth, Huang expressed no expectation of near-term approval to sell advanced chips into China, having advised investors to "expect nothing" regarding the reopening of that market.