评论：Jensen Huang 对华卖芯片的算盘为何打不下去了
Commentary: Everything Jensen Huang said about China is out the window
Thorbecke 这篇专栏把 Huang 对华芯片立场的商业逻辑拆开来看：出口管制、H20、中国国产替代三股力量同时在挤压 Nvidia。关注中美芯片博弈、做采购决策或研究供应链风险的人都该看看这篇分析。
Nvidia CEO Jensen Huang 长期主张继续向中国销售 AI 芯片，Bloomberg Opinion 专栏作者 Catherine Thorbecke 指出，这一立场过去可以用商业自利解释——中国是 Nvidia 的重要收入来源。但如今形势变得模糊，继续倡导对华芯片销售的逻辑正在瓦解。
文章的转折点在于华盛顿围绕对华芯片出口管制的新一轮政策摇摆：Huang 此前押注华盛顿会允许类似 H20 的降规芯片继续输华，中国方面则同时以网络安全审查和约谈等方式向 Nvidia 施压，还鼓励本土厂商用国产芯片替代。作者认为，这种两头讨好、游说两边政府的路线现在两头不讨好。
对中国市场依赖芯片收入的 Nvidia 来说，风险在于：即便美方放开出口许可，中国监管和买家的态度也已转变，收入可能回不来。对开发者和采购方而言，这意味着中美 AI 芯片供应链的割裂将进一步固化，选型时需按两条技术栈分别评估。
Commentary: Everything Jensen Huang said about China is out the window
The Nvidia CEO’s advocacy for selling AI chips to China could be previously explained by self-interest, but things have become a lot murkier, says Catherine Thorbecke for Bloomberg Opinion.
This report is categorized under AITOP's "Industry" desk, focusing on US frontier AI labs and Silicon Valley technology leaders. Within our cross-regional analytical framework, it directly maps to US-China foundation model benchmarks and commercialization comparison and AI regulation, compliance frameworks, and sovereign compute policy. Key entities and technical topics under continuous tracking include Nvidia, Jensen Huang, 出口管制, AI芯片.
Source attribution: curated from CNA: Business.
