Overview

• Nvidia expects first-quarter revenue of about $43 billion, a 65% year-on-year increase but sharply down from last year’s 262% surge.
• U.S. export curbs forced a $5.5 billion charge on H20 chip inventories and still require licenses for certain shipments despite the scrapped AI diffusion rule.
• Nvidia’s China market share has plunged from 95% before 2022 to roughly 50% as domestic competitors like Huawei advance.
• The company plans to begin production of a lower-cost AI chip for the Chinese market in September 2025 to recapture lost ground.
• Nvidia secured a deal to supply hundreds of thousands of AI processors to Saudi fund-backed startup Humain, and Bank of America maintains a Buy rating with a $160 target.