미국의 수출 규제로 인해 엔비디아의 중국 AI 칩 시장 점유율이 34%로 하락했으며, 화웨이가 그 뒤를 바짝 쫓고 있다.

Nvidia's (NVDA) share of China's data-center AI chip market fell to 34% in the first half of 2026, according to an IDC report that Reuters accessed.

US export controls limited what Nvidia could sell in China, and local rivals filled the gap. Nvidia shipped 678,000 AI accelerators to China from January to June, down 44% from the same period last year. Huawei shipped 572,000, up from more than 300,000, giving it a 28% share.

Other Chinese chipmakers are growing as well. Alibaba's T-Head holds 7%, followed by Cambricon at 5%, Baidu's Kunlunxin at 4%, and Hygon at 3%. Nine of the 11 Chinese chipmakers IDC tracks shipped more than a year ago.

The chip mix is also shifting. GPU shipments fell 26% to 991,000 units, while other AI accelerators rose nearly 80% to 1.016 million units and now outnumber GPUs. Huawei, T-Head, Kunlunxin and Cambricon make up 95% of that group.

CEO Jensen Huang has criticized the export curbs, saying they forced a US company to hand China's $50 billion AI chip market to Huawei. Nvidia did not respond to Reuters' request for comment.

**What the Market Is Telling Us About Nvidia Stock**

China looks like a shrinking part of the Nvidia stock story, and the company has already planned around it. On its August earnings call, Nvidia said it shipped less than 1% of its data-center revenue in H200 products to China last quarter. It also said its forward outlook includes no China data-center compute revenue, which helps explain why this news may not shake the bigger picture.

Nvidia reported record revenue of $96 billion last quarter, more than double a year earlier, while data-center revenue was $89 billion. The company expects about $108 billion next quarter and expects revenue to grow about 70% in fiscal 2028, though it says supply limits that outlook.

IDC says competition is moving from single-chip performance to full systems and how well chips work together in a cluster. Nvidia has pushed its full-stack platform as a competitive edge, while China is also pushing domestic alternatives. Meanwhile, IDC expects total accelerator shipments in China to grow 19% this year, even as GPU shipments fall 9%.

For investors, demand outside China is driving Nvidia stock right now. Losing share in China is a clear cost, but the company's own numbers suggest the business no longer depends heavily on that market. Whether Nvidia stock can keep growing at this pace depends mostly on how fast it can add supply.