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3月27日，英伟达股价遭遇大幅下跌，市值单日蒸发1691亿美元(约合人民币1.2万亿元)。市场普遍认为，这一暴跌与中国可能限制采购其H20芯片的消息有关。
据《金融时报》报道，中国国家发改委正建议企业在建设或扩建数据中心时，优先采用符合更高能效标准的AI芯片。英伟达的H20芯片虽然经过调整以符合美国出口管制，但其性能仍低于高端GPU，且未能完全满足中国的新规要求。目前，由于政策尚未严格执行，H20在中国的销售仍然强劲，但如果未来监管趋严，英伟达每年在华170亿美元的AI芯片业务可能面临冲击。
这一政策动向可能为国产AI芯片厂商带来机会。华为昇腾系列等本土产品有望填补市场空缺，尤其是在大模型训练和推理领域。近期，中国AI市场因DeepSeek等高效推理模型的崛起而需求旺盛，腾讯、阿里、字节跳动等科技巨头正加速采购H20芯片，以应对算力需求。但如果政策收紧，这些企业可能会转向国产替代方案。
英伟达已开始调整H20芯片以符合中国能效标准，但知情人士透露，这种调整可能会降低芯片效率，削弱其市场竞争力。与此同时，美国可能进一步收紧对华芯片出口限制，H20甚至可能被纳入新的管制清单。这种双重压力下，英伟达在中国市场的未来走势充满不确定性。
