Nvidia reported a $4.5 billion Q1 charge and a projected $8 billion Q2 revenue hit due to US chip export restrictions impacting sales of its H20 AI chip to China. The restrictions prevented $2.5 billion in H20 sales during Q1. CEO Jensen Huang stated that while exploring options to compete in the Chinese AI market, the company is currently taking a write-off for its H20 chips. He criticized the restrictions, arguing that they ultimately strengthen Chinese chipmakers and weaken America's position.

Prepared by Christopher Adams and reviewed by editorial team.