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Nvidia CEO Jensen Huang Says No Plans to Sell Blackwell AI Chips to China

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Nvidia CEO Jensen Huang said on Friday that there are “no active discussions” about selling the company’s cutting-edge Blackwell AI chips to China, pushing back on speculation that a U.S.–China deal could soon allow limited exports.

The Blackwell processor, Nvidia’s most powerful chip for artificial intelligence applications, is currently banned from sale in China under U.S. export restrictions introduced by the Trump administration. Washington fears the hardware could accelerate Beijing’s military and AI capabilities.

“There are no plans to ship anything to China right now,” Huang told reporters during a visit to Tainan, Taiwan, where he attended a TSMC company event. “It’s up to China when they would like Nvidia products to go back to serve the Chinese market,” he added, implying that Beijing’s own policies are a barrier to reentry.

Rumors of a possible diplomatic breakthrough emerged last week when U.S. President Donald Trump and Chinese President Xi Jinping met in South Korea, but no agreement has materialized.

Nvidia is still allowed to sell its H20 chips, a downgraded model tailored for the Chinese market, but Huang said China’s stance has left Nvidia’s market share for advanced AI chips at zero.

Asked about Tesla CEO Elon Musk’s plan to build a semiconductor fabrication plant, Huang noted that “building advanced manufacturing like TSMC does is extremely hard,” but added that demand for such technology remains enormous.

Huang also clarified remarks reported by the Financial Times, denying that he had said China would win the AI race. “What I said was that China has very good AI technology,” he explained. “They have many AI researchers. The United States just has to move very, very fast because the world is competitive.”

The comments underscore Nvidia’s delicate position between U.S. export controls and China’s growing AI ecosystem, even as global demand for its chips remains red-hot.

Nvidia’s $100B OpenAI deal sparks funding, valuation, and competition questions

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Nvidia’s plan to invest up to $100 billion in OpenAI — while also supplying millions of its GPUs to the ChatGPT maker — is unprecedented in the tech sector and raises major uncertainties about finance, competition, and market impact.

Key open questions:

1. Where does the rest of the money come from?

  • Nvidia has pledged $10B per gigawatt for 10 GW of compute, but CEO Jensen Huang estimates $50B is needed per gigawatt (with $35B of that spent on Nvidia hardware).

  • That leaves a massive $40B funding gap per GW. OpenAI has not disclosed how it will raise the remainder.

2. How does this fit OpenAI’s shift to for-profit?

  • OpenAI is transitioning from a nonprofit into a public benefit corporation overseen by its nonprofit parent.

  • Nvidia’s investment may hinge on this structure, but it’s unclear if funding flows to the nonprofit entity or the restructured PBC.

  • Regulatory approval in Delaware and California is still pending.

3. What does it mean for OpenAI’s valuation?

  • Nvidia’s initial $10B tranche is pegged to OpenAI’s current $500B valuation.

  • But there’s no timeline for deploying the full 10 GW or committing the entire $100B. Future investments may depend on OpenAI’s valuation at the time, raising uncertainty about dilution and pricing.

4. How will competition be affected?

  • Nvidia’s chips remain the most coveted resource in AI. By tying up vast capacity with OpenAI, rivals like Anthropic, Google, or even Microsoft could face constraints in access.

  • Competitors like AMD may find it harder to gain traction if Nvidia prioritizes OpenAI, despite Nvidia’s public pledge to “make every customer a top priority.”

5. What does it mean for Oracle?

  • Oracle has signed hundreds of billions in cloud contracts with OpenAI, but analysts question whether OpenAI has the liquidity to pay.

  • Nvidia’s cash infusion could strengthen Oracle’s revenue outlook, reassuring investors and credit agencies like Moody’s, which flagged funding risks.

Big picture:

The deal deepens the interdependence of AI’s leading players — Nvidia for chips, OpenAI for models, Microsoft for software integration, and Oracle for cloud. But it also amplifies antitrust concerns, as U.S. regulators eye whether such alliances foreclose competition in the AI stack.

Snap Shares Plunge as Ad Glitch and Competition Stall Growth

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Snap’s (SNAP.N) shares fell nearly 21.5% in early trading on Wednesday following a weak quarterly performance and intensifying competition, highlighting its ongoing challenge to keep pace with AI-driven rivals.

The company’s slowest revenue growth in over a year was driven by advertisers cutting marketing budgets amid economic uncertainty and favoring larger platforms like TikTok and Meta’s Facebook and Instagram. A glitch in Snap’s ad-buying platform, which caused ads to be delivered at discounted rates, also contributed to the slowdown. Although Snap’s revenue met estimates, it was a significant drop from the double-digit growth seen over the past five quarters. Snap’s market value could fall by approximately $3.24 billion if losses persist.

Analysts at MoffettNathanson noted advertisers prefer platforms with direct access to purchase-ready users, diverse marketing tools, and clear ROI metrics — areas where Snap currently lags.

Snap’s performance contrasts with competitors Meta and Reddit, which reported strong second-quarter results, driving their shares up by 30.3% and 21.8% respectively this year, compared to Snap’s 12% decline. Following the results, at least 14 brokerages cut Snap’s price target, bringing the median to $9.

Snap is betting on its Sponsored Snaps video ad format, rolled out more broadly in June across the U.S. and other markets, which has driven increased user engagement and actions.

Morgan Stanley analysts said, “For Snap to capitalize on improvements in engagement, it must better demonstrate ad efficacy to advertisers and reduce barriers to adopting its products.”