The veto over American chips in China has moved from Washington to Beijing.
H200 sales are licensed at a 25% US fee yet stalled by Chinese import restrictions that steer local firms toward homegrown silicon, leaving China as a free ~$30B option on the chip story rather than a policy-capped market.
The same conclusion keeps arriving from across the workspace's research — 1 topics independently instantiate this theme. Filter the evidence by where it came from:
The reopening of Nvidia's China revenue arrives as a Beijing ministry signal rather than a Washington license — the import veto, and its release, now sit with China.
Volumes, timing, and even whether the shipment happens now depend on Beijing's import steering rather than Washington's export license.
The export license is already granted, yet the entire China demand leg now turns on Chinese regulators holding the effective veto over imports.