Nvidia’s CEO just said the quiet part out loud. Jensen Huang told CNBC that Nvidia has “largely conceded” China’s AI chip market to Huawei, marking one of the most candid admissions from a major tech executive about the real-world consequences of US export restrictions.
The shift is dramatic. Nvidia held near-total dominance in China’s high-end AI chip market in 2024. That share has now dropped to near zero.
From dominance to disappearance
Huang described Huawei as “one of the most formidable technology companies” and pointed to the Chinese firm’s record year.
Huawei is now targeting shipments of 750,000 AI chips in 2026, with its Ascend 950PR model projected to capture approximately 60% of China’s domestic AI accelerator demand.
