Nvidia’s AI Chips Reach China Despite US Curbs

Can you just walk us through some of the findings that we had in our reporting? I think, you know, going back to the start, we've known that there has been what the experts call diversion of prohibited chips into China for quite a while. And and the reason for that is simple. Chinese chipmakers cannot cannot quite produce the sorts of sophisticated semiconductors that NVIDIA and AMD produce and that are required for AI training. So we've known this was happening for a while, but one of the things we have discovered is, you know, it's it's no longer simply a matter of stashing chips in a backpack and taking it across the border. There is a fairly sophisticated operation, worldwide operation, involving many many companies, an unknown number of companies, and billions of dollars in smuggled semiconductors. And, you know, we've traced a lot of these chips into China where they're needed by the likes of Alibaba and Tencent and DeepSeek and Moonshot to really produce the powerful frontier level LLMs that are now... That are today giving the likes of Anthropic and OpenAI a run for their money. Edwin, this is a major, of course, talking point between The United States and China. Of course, we saw president Xi Jinping make his way to Washington a few days ago to meet with president Trump. AI was front and center with a lot of leaders there. How does that then... What is happening, this reporting, does it tilt the needle at all in that relationship between The US and China going forward? As as we know, export controls, I. E. Sanctions on chips chip exports and shipments to China have been actually a central pillar of a US policy for at least two two administrations. And lately, they have been talked about less. Certainly, the topic did not come up in in a central way during the recent summit between the two leaders. And I think that's because of several things. One is China. I think Xi Jinping's policy of domesticating... Replacing American technology with local alternatives. I think they're confident that that strategy is making headway. The likes of Huawei and Alibaba are making far more capable processes today that can be used for AI inferencing and perhaps soon for training. And I think from The US side, you know you know, we've talked about how Jensen Huang has Trump's ear, and a lot of people think that is true. And Jensen's strategy is if you are going to withhold chips from China, you are actually enabling that sort of self sufficiency drive. So there's there's many interesting factors at at play here.