2025年8月22日，有消息傳出英偉達暫停生產專為中國市場設計的H20芯片，此舉立刻引發全球半導體產業鏈的高度關注。H20原本是英偉達為符合美國出口管制政策而特別打造的“減配版”AI晶片，其性能僅相當於旗艦產品H100的15%至30%，卻佔據英偉達在中國區收入的八成以上。由於其戰略地位特殊，此次停產不僅影響英偉達本身，也直接波及三星電子、安靠科技等重要供應商。對此，中國外交部在回應中呼籲各方應共同維護全球產供鏈的穩定，避免因政策博弈破壞產業合作。

H20芯片的停產背景頗為複雜。2025年4月，美國曾全面禁止英偉達對華銷售H20，直到7月才恢復部分銷售，但市場反應卻顯得冷淡。由於中國客戶對其性能削弱版產品興趣不高，加之國產替代加速推進，再加上關於“安全後門”的質疑聲不斷，使得英偉達最終選擇暫停這款晶片的生產。實際上，早在2025年7月，中國網信辦就曾因H20可能存在“後門風險”而約談英偉達，雖然公司方面矢口否認，但市場信任危機卻難以平息，導致產品銷售更受打擊。

從市場反應來看，這一事件直接推動中國國產AI晶片的加速崛起。以華為昇騰、寒武紀等為代表的本土廠商市佔率迅速上升，2024年國產算力已佔34.6%，預計到2027年將突破55%，逐步改寫由國際巨頭主導的市場格局。與此同時，英偉達的股價在消息傳出後下跌約1.9%，而中國本土晶片企業股價則集體上漲，顯示出投資人對替代效應的高度期待。

英偉達並未放棄中國市場，而是迅速調整策略，轉向研發基於Blackwell架構的新款特供芯片B30a。據悉，B30a的性能約為旗艦產品B300的一半，計畫在2025年9月交付測試樣品。不過，美國政府要求英偉達須繳納在華銷售額15%的費用，作為出口許可的條件。這使得B30a能否順利獲批仍存極大變數，對英偉達的後續布局增添更多不確定性。

更廣泛的影響則體現在整條供應鏈上。由於H20停產，三星（高帶寬內存的主要供應商）、安靠科技（封裝服務提供商）等企業也受到波及。中美政策的不斷變動，使得半導體產業的中長期規劃變得更加困難，全球產業鏈的穩定性和可預測性面臨前所未有的挑戰。這場關於技術、政策與市場的三重博弈，無疑將繼續深刻影響未來幾年的全球AI晶片格局。

On August 22, 2025, reports surfaced that NVIDIA had suspended production of its H20 chip, a processor designed specifically for the Chinese market, sparking widespread concern across the global semiconductor industry. The H20 was originally created as a “downgraded” AI chip to comply with U.S. export restrictions. Despite offering only 15% to 30% of the performance of NVIDIA’s flagship H100, it accounted for over 80% of NVIDIA’s revenue in China. Given its strategic importance, the production halt not only affects NVIDIA itself but also impacts key suppliers such as Samsung Electronics and Amkor Technology. In response, China’s Ministry of Foreign Affairs urged all parties to jointly safeguard the stability of global supply chains and avoid policy-driven disruptions to industry cooperation.

The background of the suspension is complex. In April 2025, the U.S. imposed a full ban on NVIDIA’s sales of the H20 to China, which was only partially lifted in July. However, Chinese customers showed little interest in the weakened version of the product. Accelerating domestic alternatives, coupled with mounting concerns over potential “security backdoors,” ultimately drove NVIDIA to suspend production. In fact, as early as July 2025, China’s Cyberspace Administration had summoned NVIDIA to discuss alleged security risks associated with the H20. Although the company denied any backdoor issues, the resulting trust crisis severely undermined sales.

From a market perspective, the suspension accelerated the rise of Chinese AI chipmakers. Domestic firms such as Huawei Ascend and Cambricon quickly gained market share. By 2024, local chips already accounted for 34.6% of computing power, and projections suggest this will exceed 55% by 2027, reshaping a market long dominated by international giants. Meanwhile, NVIDIA’s stock fell by about 1.9% after the news broke, while shares of Chinese chip companies surged, reflecting investor confidence in the substitution effect.

NVIDIA has not abandoned the Chinese market but is instead shifting strategies. The company is developing a new China-specific chip, the B30a, based on its Blackwell architecture. The B30a is expected to deliver about 50% of the performance of the flagship B300, with test samples planned for delivery in September 2025. However, the U.S. government is requiring NVIDIA to pay 15% of its China sales as a condition for export approval. This means significant uncertainty remains over whether the B30a will be authorized, complicating NVIDIA’s future in China.

The broader impact extends across the supply chain. With the suspension of the H20, suppliers such as Samsung (the main provider of high-bandwidth memory) and Amkor Technology (packaging services) have also been affected. The ongoing policy volatility between China and the U.S. has made long-term planning increasingly difficult for the semiconductor sector. The interplay of technology, policy, and market dynamics underscores the deep uncertainty facing the global AI chip landscape in the years to come.