Nvidia CEO Huang caught between US, China’s ‘larger agendas’
LONDON: Nvidia chief executive Jensen Huang said on Wednesday (Sep 17) that Washington and Beijing “have larger agendas to work out” as the chip giant navigates the politics of the US-China trade war while trying to meet global demand for its high-powered artificial intelligence chips.
Huang spoke in London after the Financial Times reported that China’s internet regulator had ordered major firms, including ByteDance and Alibaba, to halt purchases of Nvidia’s new RTX Pro 6000D chips and cancel existing orders.
The reported move follows a Reuters story earlier this month that said Chinese tech firms wanted more of Nvidia’s crucial AI chips despite regulators discouraging such purchases.
“We can only be in service of a market if a country wants us to be,” Huang told reporters. “I’m disappointed with what I see, but they have larger agendas to work out between China and the United States, and I’m patient about it.”
Shares of Nvidia, the world’s most valuable company, fell nearly 3%.
SCRUTINY FROM BOTH SIDES
Nvidia, which dominates the AI chip space, has drawn unusual attention from both the White House and the administration of Chinese President Xi Jinping, even as relations between the world’s two largest economies have soured over trade this year.
Beijing has also launched a preliminary anti-monopoly probe into Nvidia’s business practices.
In August, US President Donald Trump agreed to an unusual arrangement allowing Nvidia to sell H20 chips to China, in exchange for a 15 per cent cut of those sales, despite national security concerns. Nvidia has said it has not yet shipped H20 chips to China and rules for payment have not been set.
LOBBYING AND MARKET PRESSURE
“Jensen Huang’s diplomatic comment about ‘larger agendas’ is CEO-speak for ‘We’re pawns in a digital Cold War,’” said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors.
Nvidia has responded to the political tumult by sharply increasing its lobbying spending in Washington. Senate disclosures show it spent nearly US$1.9 million in the first half of 2025, compared with US$640,000 for all of last year. It also hired three new firms with 21 lobbyists last month.
China’s Cyberspace Administration directed ByteDance and Alibaba to terminate RTX Pro 6000D testing and orders, the Financial Times reported, citing three sources. The new restrictions go beyond earlier guidance that focused on the H20 chip, designed specifically for the Chinese market.
“We’ll continue to be supportive of the Chinese government and Chinese companies as they wish,” Huang said in London.
CHINA SALES WEAKEN
China is one of Nvidia’s largest markets, accounting for 13 per cent of its revenue last year.
“In today’s global tech scene, multi-nationals like Nvidia are expected to code-switch between Washington’s national security doctrines and Beijing’s techno-sovereignty demands, all while keeping shareholders happy,” Schulman said.
But Nvidia’s China-tailored RTX6000D has drawn lukewarm demand, with Reuters reporting on Tuesday that some tech firms saw the chip as not cost-effective and had avoided orders.
The Financial Times said some firms had been preparing to order tens of thousands of units and were already testing them with server suppliers before the CAC told them to halt.
Alibaba, ByteDance and the regulator did not immediately respond to requests for comment.
