Nvidia CEO Jensen Huang Concedes China AI Chip Market to Huawei — 'Had a Record Year'; China Market Projected at $67B by 2030

Nvidia CEO Jensen Huang acknowledged on May 21, 2026 at a public industry forum that Nvidia has 'largely conceded' China's AI chip market to Huawei following years of escalating US export restrictions that first banned H100/H800 chips (2022), then A800/H800 derivatives (2023), and subsequently any chips exceeding specific compute performance thresholds (2024-2025). Huang stated that Huawei 'had a record year' in the Chinese AI chip market and that Chinese local chip companies — including Cambricon, Moore Threads, Biren, and Moffett AI — are 'thriving' in Nvidia's absence. China's AI chip market is projected to reach $67 billion by 2030. The statement effectively acknowledged that US export controls — originally designed to stall Chinese AI development — have primarily succeeded in accelerating domestic Chinese chip alternatives while forfeiting a major market for American semiconductor companies. Huawei's Ascend 910C and upcoming Ascend 920 chips are now estimated to command 70%+ of China's AI accelerator market.