Chinese chip stocks rose on Wednesday after Chinese authorities signaled tighter controls on imports of Nvidia’s H200 artificial-intelligence chips, even as the United States shifted to a case-by-case export review for the product. The policy contrast highlighted how Beijing and Washington continue to test leverage in the technology rivalry.
In Hong Kong, Semiconductor Manufacturing International Corp (SMIC) gained, while Hua Hong Semiconductor posted sharper advances. On the mainland, shares of Cambricon Technologies and Moore Threads Technology also moved higher as investors positioned for stronger demand for domestically produced AI processors.
Chinese customs authorities instructed agents that Nvidia H200 chips should not enter the country, according to people familiar with the guidance. Officials also told local technology firms to avoid buying the chips unless they faced a clear need, which market participants treated as a near-term restriction rather than a routine administrative step.
Authorities did not publicly explain the rationale, and sources described uncertainty over whether the direction amounts to a formal ban or a temporary measure. Reuters also reported discussions around exemptions for research and development use, including university partnerships, which suggests regulators may apply approvals selectively.
Investors rotated into Chinese “AI picks and shovels” after the customs direction reinforced Beijing’s self-reliance message. Traders focused on companies that could benefit if cloud and AI labs shift budgets toward local accelerators, especially as Chinese firms expand model training and inference capacity.
The rally gained further support after Zhipu, a major Chinese AI startup, announced an open-source image-generation model called GLM-Image. Zhipu said it completed training entirely on Huawei’s Ascend Atlas 800T A2 chips, a claim that markets read as a practical demonstration of domestic hardware supporting advanced multimodal workloads.
In Washington, the Commerce Department’s Bureau of Industry and Security revised its licensing posture for Nvidia’s H200 and similar chips, moving to case-by-case reviews tied to specific security requirements. The change opened a conditional pathway for exports while maintaining broader controls.
The China-specific debate unfolded alongside broader strength in global semiconductor names after Taiwan Semiconductor Manufacturing Co. reported strong results and a firm outlook, which lifted chip equipment and supply-chain stocks in premarket trading. That global optimism added context to the China rally, even as policy risk remained a central driver for AI chip pricing and procurement plans.
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