NVIDIA shares surged over 3% at the opening of U.S. markets on July 15, adding nearly $200 billion in market capitalization—equivalent to the majority of AMD’s total valuation—and solidifying its position above the $4 trillion threshold. This rally followed positive signals about the imminent resumption of H20 chip sales to China. Concurrently, AMD shares jumped more than 7%, reaching a market cap of approximately $250 billion.

During his Beijing visit, CEO Jensen Huang confirmed NVIDIA secured U.S. government assurance for H20 exports and submitted license applications to restart shipments "as soon as possible." The company also unveiled the fully compliant RTX PRO GPU tailored for China, targeting industrial digital twin AI applications in smart factories and logistics. Though reports since May hinted at a new China-specific AI chip, analysts note the RTX PRO likely offers lower performance and pricing than the H20.

Futurum Group highlighted the H20 ban reversal as a "significant positive development" that could cement NVIDIA’s leadership in China and drive growth in upcoming quarters. The previous quarter saw NVIDIA incur $8 billion in losses due to the export restrictions. Gartner analyst Sheng Linghai emphasized: "With such a massive gap, NVIDIA will exhaust every avenue to reintroduce H20 in China. No other market can absorb inventory at this scale." Sheng further suggested the RTX PRO targets AI inference workloads, aligning with Huang’s view that "AI’s future lies in inference" despite computational cost challenges.

While NVIDIA eyes resumed China sales, market observers caution about persistent U.S.-China uncertainties and rising competition from Huawei and other AI inference chipmakers. Omdia Research Director He Hui noted: "Chinese firms will keep diversifying suppliers to enhance supply chain security and maintain flexibility."

Responding to the H20 developments, China’s Foreign Ministry spokesperson Lin Jian reiterated opposition to "politicizing technology and trade issues," warning such actions "destabilize global supply chains and serve no one’s interests." Separately, the China Council for Trade Promotion announced Huang will deliver his first public speech in Mandarin at the July 16 CIIE opening ceremony. Huang admitted feeling "quite nervous" about the address, adding he would "practice Chinese intensively" at his hotel. He underscored China’s critical role, calling it a "vast, vibrant market where AI advances rapidly," hosting "50% of global AI researchers," and stressing that "U.S. firms must deeply root themselves here."

The chipmaker’s strategic moves highlight both its dependence on China’s market and the geopolitical tightrope it navigates amid escalating tech rivalry.