Key Highlights

  • About 600,000 Nvidia H200 chips are reportedly stored in Hong Kong while Beijing has not approved large-scale imports into mainland China, according to a report published November 5, 2026.
  • The report said the total of foreign chips China approves could end up below 200,000, which would be under one-third of the stored stock (calculated).
  • Nvidia (NASDAQ:NVDA) closed at USD 181.60 on November 5, down 9.26%, during a chip rout in which the Philadelphia Semiconductor index fell more than 12%.
  • H200 sales to China were reportedly under 1% of Nvidia Data Center Revenue in its latest quarterly filing, and a USD 400 million charge covered unsold stock and commitments.

What the Hong Kong Stockpile Report Says

A report published on November 5, 2026, the same day as the chip rout, citing two people familiar with the matter, said about 600,000 H200 AI chips made by Nvidia (NASDAQ:NVDA) are stored in Hong Kong awaiting Chinese Import approval. Beijing approved a first batch in January 2026 for ByteDance, Alibaba and Tencent, but has since restricted purchases and wants large internet firms to use domestic chips, especially for inference. Several big firms recently received about 10,000 H200s each. Nvidia did not respond to the report's request for comment, and the claim rests on anonymous sources, so it is unconfirmed by the company or Chinese authorities.

A Small Revenue Line With a Large Headline

The H200 is an earlier-generation data center GPU that the US allowed Nvidia to sell to China on a limited basis from December 2025, with case-by-case licenses from January 2026. According to the report, China sales were under 1% of data center revenue last quarter, and Nvidia took a USD 400 million charge for unsold H200 stock and purchase commitments. Unofficial prices in China reportedly reached more than 6 million yuan for an eight-chip H200 server, about three times a year earlier. Blackwell servers, which the US bars from China, were offered for more than 20 million yuan each.

Stock Reaction Reflects the Wider Chip Rout

Nvidia fell 9.26% to USD 181.60 on November 5, which is about 2.6% below its USD 186.50 close on December 31 (calculated), erasing its 2026 gain. One market recap showed a smaller drop of 5.0%, but two other published sources match 9.26%. Broadcom and Intel each fell about 10% and AMD fell roughly 15% to 17% by different accounts. The decline came as the Nasdaq Composite fell 5.52% and chip names tumbled on AI infrastructure and regulatory worries, so the stockpile report was only one factor. Alibaba and Tencent shares rose in Hong Kong that day, a sign that Chinese technology stocks moved against the chip selloff. Nvidia is the most visible exposure to China export policy, and any change in US licensing or Beijing's stance could shift the picture.

Where Things Stand

The chips are stuck because Beijing has not approved large-scale imports of H200s and wants Chinese buyers to favor domestic processors, according to a report based on two anonymous sources. Nvidia (NASDAQ:NVDA) disclosed little revenue exposure, with China H200 sales under 1% of data center revenue, so the share drop of 9.26% looks driven mainly by the wider chip rout. The stockpile still signals Regulatory Risk and possible further write-downs, since unsold inventory can force charges like the reported USD 400 million one. Watch any company comment, China approval decisions, US license changes and Nvidia's next Earnings report. This is not a forecast.