Last year, China accounted for 13% of Nvidia’s revenue. For the second quarter ended July 2025, many analysts did not factor in any revenue from H20 sales in that country given the US approval came late in the quarter, while China’s pushback complicates forecast calculations for the year.

Nvidia reports earnings on Wednesday after the market close. The major uncertainty relating to the earnings report is whether Nvidia will be able to sell its chips in China. Nvidia in recent days has told some partners to stop work related to making its H20 processor after the Chinese government told domestic companies not to buy the hardware,

Investors will focus on Nvidia’s China business when the artificial intelligence chipmaker reveals its earnings report on Wednesday, after a trade deal with and fresh pushback from Beijing introduced new uncertainty around a key market.

US President Donald Trump has threatened to impose tariffs of up to 200% on Chinese imports if Beijing fails to reliably supply the United States with magnets made from rare earth elements. Speaking at the White House on Monday during a meeting with South Korean President Lee Jae Myung,