What will Nvidia say during their next earnings call?

Nvidia (NVDA) reported on Wednesday that it sold a small number of H200 chips to China for the first time in the quarter ending July 26, but this accounted for less than 1% of its data center revenue and was far below the amount approved by Trump in January. Due to objections from Beijing, the company was unable to fulfill its sales quota, and has recorded a $400 million inventory impairment charge due to weak demand over the past six months. Overall sales to China reached $7.88 billion, nearly doubling, mainly driven by non-AI products (including gaming hardware). The company did not disclose specific quantities or revenue for the H200 chips. This marks the first sale of AI chips to China since approximately $60 million worth of H20 chips were shipped in early 2025. The H20 was originally designed to circumvent early export restrictions; Trump initially banned its sale in April but later lifted the ban, although Chinese companies have advised against purchasing it. Last year, Jensen Huang lobbied Trump to secure permission to sell the Hopper series H200 to approved Chinese buyers, on the condition that he pay 25% of the cost to the US government. In July, a U.S. Commerce Department official stated that H200 shipments to China were "negligible." Overall revenue contribution is minimal, and re-entering the Chinese market remains fraught with policy and demand risks.