英伟达：H20芯片对华出口须先获许可、预计计提最高约55亿美元费用
位于美国加利福尼亚州圣克拉拉县圣克拉拉市的英伟达公司（NVIDIA）2025年4月15日向美国证券交易委员会提交 8-K 表格披露：美国政府已要求该公司向中国出口其 H20 集成电路须先取得许可证，公司预计将在本财季计提最高约55亿美元费用。
披露称，美国政府于2025年4月9日通知英伟达：向中国（包括香港和澳门）和 D:5 国家集团出口，或向总部位于该等地区、或最终母公司位于该等地区的公司出口，其 H20 集成电路以及任何达到 H20 内存带宽、互连带宽或两者兼备的电路，均须取得许可证。美方表示，设此许可要求是为应对相关产品可能被用于、或被转用于中国超级计算机的风险。
2025年4月14日，美国政府再通知英伟达：上述许可要求将无限期有效。H20 是英伟达在既有出口管制框架下为中国市场推出的高性能计算与人工智能芯片，此次许可要求意味着其对华出货须逐项获批、且没有到期日。
英伟达的2026财年第一季度于2025年4月27日结束。公司预计，第一季度业绩将包含与 H20 产品相关的最高约55亿美元费用，涉及库存、采购承诺及相关准备。披露同时按惯例提示，上述关于美方意图与财务影响的表述为前瞻性陈述，实际结果可能与预期存在重大差异。
这项披露是2025年4月美国对华科技出口管制收紧的一个标志性节点：受管制的对象不止 H20 本身，还包括任何在内存或互连带宽上与之相当的电路，防止以改款方式规避。对英伟达而言，许可证是否发放、发放多少，将直接决定这批为中国市场备下的库存与订单的命运。（来源：英伟达公司）
NVIDIA: H20 Exports to China Now Require a License, With Up to $5.5 Billion in Expected Charges
NVIDIA Corporation, based in Santa Clara, Santa Clara County, California, disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on April 15, 2025, that the U.S. government now requires a license to export its H20 integrated circuits to China, and that the company expects to record up to approximately $5.5 billion in related charges this quarter.
According to the filing, the U.S. government informed NVIDIA on April 9, 2025, that a license is required for export to China (including Hong Kong and Macau) and D:5 countries, or to companies headquartered or with an ultimate parent in those locations, of the company's H20 integrated circuits and any other circuits achieving the H20's memory bandwidth, interconnect bandwidth, or combination thereof. The government indicated the requirement addresses the risk that the covered products may be used in, or diverted to, a supercomputer in China.
On April 14, 2025, the government informed the company that the license requirement will be in effect for the indefinite future. The H20 was NVIDIA's high-performance computing and AI chip offered for the China market under the earlier export-control framework; the new requirement means shipments to China need case-by-case approval with no expiry date.
NVIDIA's first quarter of fiscal year 2026 ends on April 27, 2025. The company expects first-quarter results to include up to approximately $5.5 billion of charges associated with H20 products for inventory, purchase commitments, and related reserves. The filing adds the customary caution that its statements about the government's intentions and the financial impact are forward-looking and that actual results could differ materially.
The disclosure marked a notable step in the tightening of U.S. technology export controls in April 2025: the controls reach not only the H20 itself but any circuit matching its memory or interconnect bandwidth, closing off workarounds by redesign. For NVIDIA, whether and how many licenses are granted will decide the fate of the inventory and orders built up for the China market. (Source: NVIDIA Corporation)
来源：英伟达公司
发布：GSM·美国（发布链接）
图片来源：图：位于圣克拉拉的英伟达总部 Endeavor 大楼入口（资料图）。图：Daniel J. Prostak，CC BY-SA 4.0，via Wikimedia Commons / Photo: The entrance of NVIDIA's Endeavor headquarters building in Santa Clara (file photo). Photo: Daniel J. Prostak, CC BY-SA 4.0, via Wikimedia Commons
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