原文标题：
Nvidia CEO Jensen Huang hammers chip controls that ‘effectively closed’
China market
原文连结：https://tinyurl.com/2s4jbaaz
发布时间：Wed, May 28 20257:13 PM EDT
记者署名：Kif Leswing
原文内容：
As pleased as Wall Street was with Nvidia’s
quarterly results on Wednesday, CEO Jensen Huang said the company is leaving
billions of dollars in revenue on the table because it can no longer sell to
China.
尽管华尔街对 Nvidia 本季财报感到相当满意，执行长黄仁勋却指出，由于无法再向中国
销售产品，公司因此损失了数十亿美元的营收机会。
“The $50 billion China market is effectively closed to U.S. industry,” Huang
told analysts at the beginning of his prepared remarks on the earnings call.
“As a result, we are taking a multibillion-dollar writeoff on inventory that
cannot be sold or repurposed.”
黄仁勋在财报电话会议一开始的准备发言中表示：“中国这个价值 500 亿美元的市场，
对美国产业来说，实际上已经被关闭了。结果是，我们不得不对那些无法销售或重新利用
的库存进行数十亿美元的减记。”
Even without access to the world’s second-biggest economy, Nvidia reported 69
% year-over-year revenue growth to $44 billion in the fiscal first quarter,
topping analysts’ estimates. The stock rose about 4% in extended trading to a
level that would be the highest since January if it stays there on Thursday.
即使失去了世界第二大经济体的市场，Nvidia 在本财年第一季仍报告了 年增 69% 的营
收，达 440 亿美元，超出分析师预期。公司股价在盘后交易中上涨约 4%，若延续至周四
，将创下自 1 月以来的新高。
Nvidia shares are now up for the year, after a difficult start to 2025, adding
to a rally that lifted the company’s market cap by almost 240% in 2023 and
over 170% last year.
尽管 2025 年开局艰难，Nvidia 股价今年仍上涨，延续了 2023 年增幅近 240%、去年超
过 170% 的强劲涨势。
Still, Huang is making his displeasure with the China situation quite clear.
然而，黄仁勋对中国市场的情况仍深感不满。
In April, the Trump administration told Nvidia that its previously approved
H20 processor for China would require an export license, which effectively cut
off sales with “no grace period,” the company said on Wednesday. The U.S.
government has highlighted the national security concerns of having Nvidia’s
sophisticated AI chips sold to a chief adversary.
2025 年 4 月，川普政府通知 Nvidia，其先前被允许出口给中国的 H20 芯片需申请出口
许可，等同于立即中止销售，毫无宽限期。美国政府强调，将 Nvidia 的高端 AI 芯片卖
给主要对手中国，构成国安风险。
The H20 was introduced by Nvidia after the Biden administration restricted AI
chip exports in 2022. It’s a slowed-down version intended to comply with U.S.
export controls.
H20 是在 2022 年拜登政府限制 AI 芯片出口后，Nvidia 推出的降规版本，旨在符合美
国出口控制。
Nvidia said on Wednesday that sales in the latest quarter would have been $2.5
billion higher if the company could have sold H20 chips for the full quarter,
instead of stopping in April when it got the government letter. It had to
write off $4.5 billion in inventory it couldn’t use anymore.
Nvidia 表示，如果能在整个季度销售 H20 芯片，该季度营收本可以增加 25 亿美元；此
外，公司还必须对 价值 45 亿美元的库存进行报废处理。
In the current quarter, Nvidia said it had $8 billion in planned H20 orders
that now have to be scrapped. Nvidia’s guidance is for $45 billion in the
current period, a number that would’ve been roughly 18% higher if not for the
restriction.
进入本季度，Nvidia 原本有 80 亿美元的 H20 订单计画，现在必须全数取消。Nvidia
本季的营收指引为 450 亿美元，若无出口限制，本可再增约 18%。
In Huang’s view, the export controls not only hurt Nvidia, but the whole of
the U.S. He said China will “move on” with or without Nvidia’s chips, and
that Chinese AI researchers will turn to homegrown chips and technology from
companies including Huawei.
黄仁勋指出，出口限制不仅损害 Nvidia，也影响整个美国。他表示，中国即使没有
Nvidia 的芯片也会“自行前进”，中国的 AI 研究人员将转向华为等本土技术供应商。
“The U.S. has based its policy on the assumption that China cannot make AI
chips,” Huang said. “That assumption was always questionable, and now it’s
clearly wrong.”
黄仁勋说：“美国政策建立在中国无法制造 AI 芯片的假设上，但这个假设本来就值得怀
疑，而现在已被证明错误。”
“The question is not whether China will have AI,” Huang added. “It already
does.”
他补充：“问题不在于中国会不会拥有 AI，他们已经拥有了。”
While Huang has become increasingly public in his disagreements with the
export control policy, he’s very careful not to criticize President Donald
Trump, who has made a habit out of making life difficult for companies and
individuals that openly oppose him.
尽管越来越公开反对出口限制，黄仁勋仍避免直接批评总统川普。因为川普一贯对敢于公
开反对他的公司或个人采取强硬态度。
Huang thanked Trump for rescinding the pending “AI diffusion” rule that
would have put AI chip quotas on most countries, and praised him for helping
strike deals with Saudi Arabia and the United Arab Emirates to build massive
data centers in the Middle East. He said Nvidia was building its latest chips
and systems on U.S. soil, a nod to Trump’s plan to bring high-tech
manufacturing stateside.
黄仁勋感谢川普取消了即将上路的“AI 扩散”规则（该规则将对大多数国家设定 AI 晶
片配额），并称赞他促成与沙特阿拉伯、阿联酋的协议，在中东建立超大型资料中心。
他也强调，Nvidia 正在美国本土生产最新芯片与系统，呼应川普“高科技制造回流”的
愿景。
“We share this vision” of highly automated manufacturing with Trump, Huang
said.
黄仁勋表示：“我们与川普共享这个高度自动化制造的愿景。”
But Huang admitted that Nvidia doesn’t have another answer to the China issue
.
但他也坦承，Nvidia 对于中国市场目前“没有替代方案”。
When asked on Wednesday if the company is working on a new China-focused chip
to sell into the region or if Nvidia expected to get any relief from the
administration, Huang said there’s no replacement product at the moment, and
that the latest U.S. limits are “quite stringent.”
当被问及是否开发新版本芯片以应对中国市场，或是否预期美国政府会松绑限制时，黄仁
勋回应：目前没有替代产品，美国新规定“非常严格”。
“The president has a plan,” Huang said. “He has a vision, and I trust him.
”
他最后说道：“总统有他的计画，也有他的愿景，我信任他。”
心得/评论：
老黄讲到最后也不敢得罪川普
就很像2023年时
刘德音不敢得罪●●
只好说：“我们只能相信”
同样的无奈啊