거의 60만 개에 달하는 엔비디아 H200 칩이 베이징의 수입 승인 지연으로 홍콩에 쌓여 있는 것으로 전해졌다.

Nearly 600,000 advanced artificial intelligence chips have been stored in Hong Kong awaiting shipment to mainland China, according to a Reuters report, after Beijing withheld approval for large-scale imports despite demand from technology firms. The stockpile of Nvidia H200 chips, which had not been reported earlier, is a clear example of Beijing's reluctance to increase its reliance on US technology.

Beijing is caught in a difficult position. It needs Nvidia's technology to meet surging AI demand, but it also wants to reduce its dependence on US technology. China has allowed some shipments of chips into the country in recent months. Several Chinese companies received shipments of 10,000 H200 chips in the past few months, one of the people familiar with the matter said.

There have also been reports of chips being shipped through intermediaries and indirect routes. Despite the proliferation of such channels, Beijing has yet to approve large-volume imports into mainland China, the people said.

**H200 chips remain in demand**

The H200 is not Nvidia's newest AI processor, but it has capabilities that Chinese alternatives have yet to match, making it a useful choice for training AI models, particularly when combined with Nvidia's software.

US export controls introduced in 2022 sought to restrict China's access to advanced Nvidia chips and the equipment needed to manufacture them. With authorised supplies constrained, Chinese buyers have turned to intermediaries and indirect routes, pushing up prices in the unofficial market.

The acute shortage has driven up chip prices. The report suggests that an eight-card H200 server was being offered for more than 6 million yuan ($900,000) in mainland China by the end of October, three times its price a year earlier, one person familiar with the matter said.

Servers using Nvidia's newer Blackwell chips, which fall under US export controls, were being offered for more than 20 million yuan apiece.

**Tensions over trade and technology**

The H200 has become caught up in broader trade and technology tensions between Washington and Beijing. The United States had barred exports of the H200 to China before President Donald Trump's administration gave Nvidia permission last year to sell the chips to approved Chinese customers.

Earlier this year, Chinese officials reportedly told companies, including Alibaba, ByteDance and DeepSeek, that they could receive permission to buy limited quantities of H200 chips for training AI models.

Further reports suggested that approvals could amount to fewer than 200,000 chips, with Beijing wanting firms to prioritise Chinese processors for inference.

**Nvidia chips being sold on China's black market**

While China is intent on establishing stringent restrictions on US technology, an earlier report by the Financial Times noted that at least $1 billion worth of Nvidia's artificial intelligence chips had illegally entered the country.

The report further mentioned that Nvidia's B200 chips, which are prohibited from being sold to China, have become popular on the black market despite the restrictions. These chips have reportedly been sold to Chinese distributors since May. Further restrictions on supplies could have an additional impact on these clandestine markets.