CNBC's Kristina Partsinevelos reports on news regarding Nvidia and some of the hurdles the company faces to revenues from H200 chip sales to China.

Nvidia's plans to boost revenue from H200 chip sales to China are encountering several significant challenges. Although U.S. authorities have approved the sales, a bipartisan Senate bill seeks to restrict export licenses for these chips for the next 30 months, and a 25% government surcharge could reduce Nvidia's profit margins on sales to China.

Additionally, production constraints at Taiwan Semiconductor and restrictions on advanced memory components further complicate the situation. Chinese regulators are also considering limiting imports of the H200, as Beijing continues to invest heavily in domestic chip alternatives, potentially reducing demand for Nvidia's products.

Some of Nvidia's hurdles to revenues from H200 chip sales to China

And the path to meaningful China revenues is a bumpy one, says Christina Pardson-Eveles. Christina, what can you add? Welcome. A lot. So let's start with NVIDIA shares. They're down half a percent despite Trump's approval for these H200 chip sales to China. The muted reaction, though, to your point, Kelly, really reflects major hurdles that could limit any upside in revenue for NVIDIA. First, there's pushback from Congress. A bipartisan Senate bill introduced just last week would require Commerce to deny export licenses for the H200s and any Blackwell chips should they get approved for the next 30 months. The question really is whether Congress is going to stand their ground or back down. Second, margins could take a hit with a 25 percent government surcharge. You can call it a fee or tax because NVIDIA makes less for every dollar sold into China. Third, advanced packaging capacity at Taiwan Semi is already very tight. So how are they going to keep making more chips for China? And then most critically, which you guys just spoke about, touched upon, is China could still block these imports as domestic alternatives really only lag the H200 by about 12 to 18 months. So they're not that far behind. And then you have one more wrinkle in this. The H200 uses high bandwidth memory, which also HBMM3E, AI memory chips. So just know it's really advanced memory, which are currently restricted by the United States for sale to China. It's still unclear if Trump's approval also lifts restrictions on those memory chips. And that's why you have analysts like Wedbush, Bernstein, Matt Bryson saying, quote, that he's reluctant to shift his model, which currently assumes no revenue contribution from China. And Beijing may already be pushing back a little bit. Like Eunice mentioned, the FT is reporting Chinese regulators are considering restricting these H200 chips. And that's because Beijing has poured billions of dollars into domestic alternatives from Huawei, Cambricon, and they want Chinese firms to use Chinese chips, not American chips. Washington has said yes for now, but China could really just say no.

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