JUST IN: 10 CHINESE FIRMS HAVE BEEN APPROVED TO BUY NVIDIA H200 CHIPS. NOT A SINGLE DELIVERY HAS BEEN MADE. Beijing has been telling its companies to hold off. The full picture, per Reuters: The approved buyers (~10 total): • Alibaba $BABA • Tencent • ByteDance (private) • JD. com $JD • 6 others not named in the report The approved distributors: • Lenovo • Foxconn • Each approved customer can purchase up to 75,000 chips under U.S. licensing terms Why no deliveries have happened: • Chinese firms pulled back after guidance from Beijing • Beijing wants to keep AI investment focused on domestic chips like Huawei's • DeepSeek and other Chinese AI labs are increasingly pivoting to homegrown chips • Two recent State Council supply chain security regulations are tightening scrutiny of foreign tech dependencies The deal mechanics: • Trump negotiated 25% of revenue from chip sales going to the U.S. • Chips must physically pass through U.S. territory before being shipped to China • Buyers must demonstrate "sufficient security procedures" and no military use • NVIDIA $NVDA must certify sufficient U.S. inventory The bigger picture: • Before U.S. export curbs, NVIDIA had ~95% of China's advanced chip market • China was 13% of NVIDIA's revenue at peak • Huang has estimated China's AI market alone is worth $50 billion this year • NVIDIA's share of AI accelerators in China has effectively fallen to zero • Huang is currently in Beijing with President Trump for a summit with Xi Jinping