Recently, NVIDIA's H20 computing chip has come under the scrutiny of China's Cyberspace Administration, following the revelation of significant security concerns. Prior to this, the chip's supply to China was halted due to US export controls, but subsequently, it was approved for resumed sales. However, given that NVIDIA had already accumulated inventory prior to the resumption, this latest development has had minimal impact on the company and the North American industrial chain.

Concurrently, the domestic construction of data centers has slowed down due to the supply issues surrounding the H20 chip, prompting a shift towards utilizing domestic computing chips. This shift presents a positive development for the semiconductor industry. Nonetheless, owing to constraints in domestic chip production capacity, it remains challenging for major manufacturers to increase their capital expenditures.

This incident may serve as an indicator of the uneven progress in Sino-US negotiations, and the future trajectory of these negotiations could potentially exert a greater influence on the market.