The US has cleared roughly ten Chinese companies—including Alibaba, Tencent, and ByteDance—to buy up to 75,000 Nvidia H200 chips each. But not a single chip has shipped. According to Commerce Secretary Lutnick, Beijing is blocking the purchases to protect its domestic chip industry.

The US has approved 10 Chinese firms to buy Nvidia's H200, but Beijing has paused the orders. Jensen Huang is now in Beijing to try to unblock them.

Before U.S. export curbs tightened, Nvidia commanded about 95% of China's advanced chip market.