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  来源:北京商报

  经过多轮的市场传言猜测与情绪反转,美国政府最终对英伟达的H20芯片升级了出口管制。H20原本就是英伟达针对中国市场推出的“特供”版本,性能上相比H100有所缩水。如果H20出口的相关许可不及时发放,客观上将影响英伟达向中国等市场供货。而从需求看,今年全球多家云服务厂商还在加码AI布局,对AI芯片的需求量不小。除了AI芯片供应链受到扰动,英伟达消费级GPU终端价格近日也受到一定程度的扰动。

  冲击营收

  北京时间4月16日凌晨,英伟达向美国证券交易委员会(SEC)提交8-k文件称,已经接到美国特朗普政府通知,H20芯片和达到H20内存带宽、互连带宽等的芯片向中国等国家和地区出口需要获得许可证。“美国政府表示,许可要求是为了应对相关产品可能被用于或转用于中国超级计算机的风险。”

  自2022年拜登政府实施半导体出口管制以来,英伟达为满足中国市场需求,专门设计符合出口管制的H20芯片。这是英伟达为中国市场开发的3款GPU中功能最强大的一款,虽然在计算能力、互联速度和带宽上低于其旗舰AI芯片H100和H800,但其采用Hopper架构,在推理计算领域仍具备显著优势。

  2024年2月,英伟达开始接受分销商对华专供新款AI芯片H20GPU的预订,每张定价在1.2万—1.5万美元区间(约8.6万—11万元),略低于昇腾约12万元售价。据悉,经销商提供的H20服务器预配置了8颗AI芯片,售价140万元。相比之下,配置8颗H800芯片的服务器在两年前推出时售价为200万元。

  这一系列调整,预计将冲击英伟达超100亿美元的营收,也重创先前推出“降规版”技术带来的影响。英伟达透露,截至2025年4月27日的第一季度内,公司减记约55亿美元费用,这笔费用与出口到中国等地的H20GPU芯片相关。同时,与H20产品相关的库存、采购承诺和相关储备费用高达数十亿美元。

  根据英伟达的年度报告,中国是英伟达的第四大销售额地区,仅次于美国、新加坡等。在截至1月的2024自然年中,英伟达中国区营收171.08亿美元,为史上最高,比前一年103.06亿美元增长66%。目前,英伟达2025财年中,53%的收入占比来自美国以外的地区。

  受消息影响,英伟达盘后股价大跌超6%,至105.36美元/股;同时也导致超微半导体公司(AMD)盘后股价下跌7.07%,台积电盘后下跌1.96%。

  持货观望

  关于H20是否会被纳入美国政府出口管制,市场今年年初以来就屡有传言,中间市场情绪也经历多次反转。彭博社1月份报道,DeepSeek突破算力限制推出其V3、R1两款模型后,特朗普政府内部有议员提议对英伟达在华销售实施更严格限制,重点针对H20。

  4月初,美国全国公共广播电台报道又称,英伟达CEO黄仁勋与特朗普在佛罗里达州马拉戈庄园举办的晚宴上会面。在晚宴上,黄仁勋积极游说,争取特朗普支持放宽H20出口管制。市场当时乐观预期,黄仁勋的游说起到了一定效果。

  然而,H20的出口管制最终还是落地了。有英伟达GPU分销商对北京商报记者表示,DeepSeek在新年前后引发科技圈震动后,腾讯、阿里、字节跳动三家互联网大厂都大幅追加了H20的服务器订单。市场行情空前火爆,一台141GB显存的H20服务器价格一度从年初的100万元涨到接近140万元,并且因为客户担忧禁令出台抢购现货,价格短期内持续波动上涨,几乎“一天一个价格”。

  与此同时,“中国电子第一街”深圳华强北目前多家档口对CPU、GPU等热门芯片的报价已经暂停,且多家档口关门歇业。“现在都在观望,封库存了,大家担心价格会暴涨暴跌。”

  而在英伟达、AMD等企业的上游,以台积电为代表的“后厨”也压力巨大。除了对中国整体加征关税之外,4月8日特朗普还专门告知过台积电,如果其不在美国建厂,就将向其征收100%的高额关税。次日台积电股价应声下跌3%,在那之前的5个交易日,台积电股价累计下跌超过16%。

  国产替代?

  地缘风险愈演愈烈,英伟达也面临着一个更大的长期风险:替代。虽然此前有分析称国产AI芯片的性能尚不能完全与英伟达的产品比肩,尤其是在产品生态上,英伟达依然城墙高筑。但是在地缘政治的影响下,关税上升,供应链风险增大,英伟达的价格以及供应都包含未知数。

  据《金融时报》今年1月报道,字节跳动计划2025年在中国购买价值约400亿元人民币的AI芯片,是去年的两倍。其中字节跳动的国内半导体订单约有60%由华为、寒武纪等国产供应商供货,其余40%来自英伟达对华特供版。算下来,也就是说今年会有240亿元人民币用于采购国产AI芯片,高于用于英伟达对华特供芯片上的投入(160亿元)。

  国家集成电路封测产业链技术创新战略联盟副理事长、中国半导体行业协会集成电路分会常务副理事长于燮康表示,2016年开始,美国逐步加速对中国半导体产业技术方面出口限制,从特朗普政府的全面打压,到前一任拜登政府的精准遏制,再到特朗普重新执政,开始进一步加大对中国半导体产业全方位打压。短期内,美国制裁势必对中国半导体产业技术壁垒和研发方面造成重大压力,使得中国先进制程与国际领先水平的差距进一步拉大。

  “但另一方面,这一措施将加速中国半导体企业自主创新与产业链的重构,加速国产化步伐,尤其以创新应用为驱动的中国半导体产业,一定能够冲破各种阻力,取得快速发展。如今,中国半导体产业生态可以说已经齐全,美国的制裁会使得中国半导体产业快速发展。”于燮康称。

  对于美国加码限制英伟达高性能AI芯片的出口,中国官方已多次抗议。中国商务部表示,美国近年来不断泛化国家安全概念,滥用出口管制措施,严重阻碍正常国际贸易,破坏全球产业链供应链稳定,破坏国际经贸秩序,违反国际经贸规则,违背基本经济规律,损害全球和平发展利益,是典型的贸易保护主义做法。

  今年1月,英伟达也在美国政府出台另一项限制AI芯片出口的《人工智能扩散框架协议》新规时,曾公开发声反对。英伟达表示,全球用户日常使用的个人电脑已经普遍搭载数据中心相关的AIGPU产品和相关技术,政府试图对其实施控制没有意义,反而会迫使全球转向寻找替代方案,损害美国利益。

  北京商报记者赵天舒

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