NVIDIA has resumed sales of its AI chip H20 in China, prioritizing this year's targets. TSMC's production capacity could be a bottleneck. NVIDIA will also launch the Blackwell platform RTX PRO 6000 to address diverse application needs.

Key Highlights

• NVIDIA resumes H20 AI chip sales to the Chinese market, aiming to meet this year's sales goals.
• Currently, no significant additional orders; upstream supply chain like TSMC's full capacity could be a bottleneck.
• Chinese end customers anticipate the next-gen Blackwell platform RTX PRO 6000.
• Upstream capacity expansion and actual demand changes need monitoring.
• TSMC might use other production lines to handle urgent orders but must assess cost-effectiveness.
• NVIDIA's existing product stock and TSMC's semi-finished inventory will be the supply mainstay upon H20's restart.

Table of Contents

1. NVIDIA Prioritizes on Achieving Initially Set Sales Target after Lifted Ban on H20 with no Apparent Order Increment
2. TSMC's Full-Load Capacity May Become Bottleneck for Extra Orders in Future; Current Response by Existing H20 Inventory
3. NVIDIA Maintains Previous Expectation on Mid-End GPU RTX PRO; Future Drop May be Possible due to Low Kickoffs among Clients
   • NVIDIA's Major GPU Solutions and Server System Applications for 2025
4. NVIDIA and Chinese CSPs Continue to Assess Additional Procurement Needs for HBM and RDIMM, Likely Leading to Rebound in HBM3e 8hi Shipments
   • NVIDIA's Procurements from Three Major DRAM Suppliers

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