LOBBYING AND MARKET PRESSURE
“Jensen Huang’s diplomatic comment about ‘larger agendas’ is CEO-speak for ‘We’re pawns in a digital Cold War,’” said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors.
Nvidia has responded to the political tumult by sharply increasing its lobbying spending in Washington. Senate disclosures show it spent nearly US$1.9 million in the first half of 2025, compared with US$640,000 for all of last year. It also hired three new firms with 21 lobbyists last month.
China’s Cyberspace Administration directed ByteDance and Alibaba to terminate RTX Pro 6000D testing and orders, the Financial Times reported, citing three sources. The new restrictions go beyond earlier guidance that focused on the H20 chip, designed specifically for the Chinese market.
“We’ll continue to be supportive of the Chinese government and Chinese companies as they wish,” Huang said in London.
CHINA SALES WEAKEN
China is one of Nvidia’s largest markets, accounting for 13 per cent of its revenue last year.
“In today’s global tech scene, multi-nationals like Nvidia are expected to code-switch between Washington’s national security doctrines and Beijing’s techno-sovereignty demands, all while keeping shareholders happy,” Schulman said.
But Nvidia’s China-tailored RTX6000D has drawn lukewarm demand, with Reuters reporting on Tuesday that some tech firms saw the chip as not cost-effective and had avoided orders.
The Financial Times said some firms had been preparing to order tens of thousands of units and were already testing them with server suppliers before the CAC told them to halt.
Alibaba, ByteDance and the regulator did not immediately respond to requests for comment.
