金吾财讯 | 投行韦德布什最新研究指出，尽管有报道称字节跳动与腾讯已开始接收英伟达（NVDA）H200GPU芯片，但受限于监管限制等因素，该业务对英伟达的短期业绩贡献将非常有限。韦德布什分析师麦特·布莱森指出，虽然美国政策许可每家中国买家购买最多10万张H200芯片，但在监管与基础设施的双重约束下，英伟达近期来自中国市场的收入增长空间依旧受限。而且，作为英伟达专为符合美国出口管制要求而调整的产品，H200的技术规格较其最先进的旗舰芯片低至少两代。在当前地缘政治与监管环境下，英伟达重建中国业务的进程仍将处于缓慢攀升阶段。
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