Jensen Huang says Nvidia has "largely conceded" China's AI chip market to Huawei, yet zero H200 chips have actually shipped

I was watching the NVDA earnings call yesterday and Jensen Huang said something on CNBC after that I had to rewind twice. He straight up said Nvidia has "evacuated" and "really largely conceded" the China AI chip market to Huawei, and told investors to "expect nothing" from China. This is a company that had 95% of that market a few years ago and the CEO is now publicly saying it's at zero. What makes it even stranger is the U.S. already approved about 10 companies (Alibaba, Tencent, ByteDance, JD, etc.) to each buy up to 75,000 H200 chips. Not one has shipped. Beijing blocked them at customs back in January and told everyone to buy domestic. And the numbers on the Huawei side are getting hard to ignore. Ascend chip revenue projected at $12 billion this year versus $7.5 billion last year. ByteDance alone put in $5.6 billion in Ascend orders, from basically nothing before. So I started looking into how to actually get exposure to the China domestic chip supply chain and quickly realized KWEB and CQQQ basically don't do it. KWEB is all offshore internet, zero A shares. I ended up finding CNQQ which is about half A shares and half HK, and actually holds names like Cambricon and Zhongji Innolight alongside the usual Alibaba and Tencent. Still doing my homework on it, and obviously anything single country China comes with its own bag of headaches. But the fact that Jensen Huang himself said "conceded" on camera made me take the domestic chip story a lot more seriously than I had before.