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China Presses Tech Firms Over Nvidia H20 AI Chip Purchases Amid Security Concerns

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Chinese regulators have questioned major domestic tech firms, including Tencent, ByteDance, and Baidu, over their purchases of Nvidia’s H20 AI chips, sources told Reuters. The Cyberspace Administration of China (CAC) and other agencies asked companies to justify why they were opting for U.S. chips instead of domestic alternatives and raised concerns that data submitted to Nvidia for U.S. government review could expose sensitive client information.

While Beijing has not issued a direct ban on Nvidia’s H20, companies were cautioned about its use in government-related or security-sensitive projects. Bloomberg earlier reported that firms received official notices discouraging reliance on the chip, while The Information claimed ByteDance, Alibaba, and Tencent were ordered to halt purchases outright. These reports could not be independently confirmed by Reuters.

Nvidia defended the H20, stressing it is “not a military product or for government infrastructure,” while noting China has never relied on U.S. chips for government operations. The chipmaker designed the H20 specifically for China after U.S. export curbs in late 2023 restricted sales of its most advanced processors. Although Washington briefly banned its sale this year, the Trump administration reversed the decision in July, restoring limited access.

The scrutiny threatens a key revenue source for Nvidia, which made $17 billion from China last fiscal year — about 13% of its global revenue. State media have recently amplified criticism, portraying the H20 as technologically inferior and a security risk. Meanwhile, Chinese chipmakers like Huawei are working to produce domestic AI processors rivaling Nvidia’s offerings, though U.S. sanctions on advanced equipment remain a hurdle for large-scale production.

The tensions underscore Beijing’s push for self-sufficiency in semiconductors as Washington weighs tighter controls. U.S. President Donald Trump has hinted he may allow Nvidia to sell a scaled-down version of its Blackwell AI chip in China, even as concerns grow over the military applications of advanced AI. At the same time, an unusual deal now requires Nvidia and AMD to share 15% of China chip sales revenue with the U.S. government.

Apple Leads Global Tech Rally After Trump Tariff Exemptions

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Global technology stocks surged Thursday after U.S. President Donald Trump announced that his proposed 100% tariffs on chips and semiconductors would largely exempt companies manufacturing in, or committed to manufacturing in, the United States.

Apple shares rose 2%, recovering most of their losses since April’s Liberation Day selloff, after Trump confirmed the company will invest an additional $100 billion in U.S. operations — a move that could shield iPhones from potential tariffs. Semiconductor suppliers and Apple partners, including Applied Materials, Texas Instruments, GlobalFoundries, and Broadcom, gained between 1.3% and 5.5%. Other U.S.-listed chipmakers also rallied, with AMD up 3.1% and Nvidia up 1.4%.

European chipmakers joined the rally, with ASML and ASMI rising more than 3% each and BE Semiconductor Industries up 4.7%. J.P. Morgan analysts noted that the proposed 100% tariff would not stack on top of the 15% baseline tariff agreed between the U.S. and EU last week, which includes zero-for-zero tariffs on semiconductor equipment.

Taiwan’s TSMC, which produces chips for most major U.S. tech firms, saw its shares hit an all-time high after gaining nearly 5%, buoyed by investor confidence in AI demand regardless of tariff risk. South Korea’s Samsung Electronics and SK Hynix, both with significant U.S. investments, rose 2.5% and 1.4%, respectively, after confirmation they would not face the 100% tariff.

However, not all markets benefited. The Philippines, where semiconductors account for 70% of electronics exports, warned the tariffs could be “devastating” and saw its stock market close slightly lower. Malaysia also requested clarity from U.S. trade officials on the tariff scope.

AMD Data Center Revenue Disappoints, Shares Drop About 4%

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Advanced Micro Devices (AMD.O) reported weaker-than-expected data center revenue in its second quarter, disappointing investors betting on the company’s AI chip growth potential. Shares of the Santa Clara-based chipmaker fell roughly 4% in extended trading.

While AMD’s stock has climbed over 40% this year—outperforming the chip index’s 12% gain—its data center segment growth lagged behind rival Nvidia (NVDA.O), the dominant player in AI chips. Nvidia’s data center revenue surged 73% to $39.11 billion in its fiscal first quarter, driven by demand for its Blackwell GPUs and networking hardware.

AMD’s second-quarter data center revenue grew 14% to $3.2 billion, close to analysts’ estimate of $3.22 billion. This segment includes both server CPUs and Instinct AI chips. Portfolio manager Dan Morgan from Synovus Trust noted the “lackluster” data center results were concerning given AMD’s reliance on this segment.

CEO Lisa Su said the decline in AI chip revenue year-over-year was due to U.S. export restrictions on shipments to China and the transition to next-gen MI350 AI chips. Production of the MI350 series began ahead of schedule in June, with a planned steep production ramp in the second half of the year.

AMD also revealed that shipments of its MI308 AI chips to China remain on hold pending U.S. government export license approvals, impacting revenue. The company expects to resume shipments once licenses are granted. These export curbs are estimated to reduce AMD’s 2025 revenue by about $1.5 billion, mainly affecting Q2 and Q3.

For Q3, AMD forecast revenue of approximately $8.7 billion (±$300 million), above analyst expectations of $8.3 billion. The company projected adjusted gross margins around 54%, in line with estimates.

Adjusted earnings per share for Q2 were 48 cents on revenue of $7.69 billion, excluding stock-based compensation and other items.