📊Executive Summary

Beijing has instructed Chinese tech companies to pause purchases of Nvidia's H200 chips while it deliberates on regulations for acquiring US chips. This directive is temporary, as the government aims to balance support for local semiconductor development with the need for advanced AI capabilities. Despite the hold, several companies have already placed non-refundable orders for 82,000 GPUs, which are expected to arrive by mid-February 2026. This situation highlights the ongoing demand for Nvidia's chips, which local manufacturers struggle to match, and the complexities of navigating US-China trade relations in the semiconductor sector....