H200 has already been approved? Initially, China did not want companies to purchase from Nvidia. H200 has suddenly changed from prohibited to allowed today. The United States had already relaxed its export of H200 to China in January 2026, with a series of conditions attached, including customer review, safety use restrictions, prohibition of military use, and a portion of Nvidia's sales revenue to China being turned over to the US government. So the real new information in today's news is not that the United States has finally allowed China to buy H200, but that the US Department of Commerce has approved a specific list of buyers, including Chinese companies such as Alibaba, Tencent, ByteDance, and JD.com. And each household can purchase up to 75000 H200 units after approval. So far, none of them have been delivered. The demand for H200 orders from Chinese technology companies once exceeded 2 million units, far exceeding Nvidia's available inventory. But the Chinese government does not want them to buy on a large scale. Because if Chinese companies purchase H200 on a large scale, it means continuing to strengthen their dependence on the Nvidia ecosystem, which conflicts with China's direction of promoting the replacement of domestic AI chips. Especially against the backdrop of domestic computing power lines such as Huawei and Cambrian being supported, Beijing is unlikely to want to see the core giants continue to hand over incremental budgets to Nvidia on a large scale. Now allowing some companies to purchase a portion of H200 is a way for the United States to continue making money, continuing to take a cut, and retaining technological control. After all, for the United States, H200 is no longer the latest generation Blackwell chip, but a high-end product in the previous generation Hopper architecture. For Chinese companies, there is indeed a shortage of computing power in the short term, and H200 is still a viable, easy-to-use, and mature choice. For the Chinese government, it is acceptable to fill the gap in AI computing power in the short term. So this is not harmful for the United States, but it is currently an acceptable outcome for China.