夜雨聆风中国 AI 芯片加速崛起，英伟达 H200 能否重返市场仍不明朗
China AI chips ramp up as Nvidia H200 access unclear
原文作者：Arjun Kharpal ｜ 来源：CNBC ｜ 2026-05-14
本文报道在英伟达长期受限对华出口的背景下，腾讯、阿里等中国科技巨头加速自研 AI 芯片，以及有关英伟达 H200 获准重返中国市场的不确定信号。文章适合读者做科技与贸易类外刊精读。
Production of Chinese chips could ramp up this year, as executives at the country's biggest tech companies look to deploy more homegrown technology — as it's reported U.S. chip giant Nvidia could return.
中国芯片产量今年可能大幅提升，该国最大科技公司的高管希望部署更多本土技术——与此同时，有报道称美国芯片巨头英伟达可能重返市场。
On Wednesday, internet titan Tencent suggested that production of Chinese homegrown chips could ramp up this year, while e-commerce giant Alibaba discussed how it is expanding its self-developedsemiconductor usage.
周三，互联网巨头腾讯表示，中国本土芯片的产量今年可能大幅提升，而电商巨头阿里则讨论了如何扩大其自研半导体的使用。
The comments underscore how, in the absence of Nvidia's technology due to export restrictions, China has pushed its domestically developed chips in the search for self-sufficiency to power its AI ambitions.
这些言论凸显了在英伟达技术因出口限制而缺位的情况下，中国如何推进自主开发的芯片，以寻求实现自给自足，支撑其 AI 雄心。
China chip ramp 中国芯片产能提速
Tencent Chief Strategy Officer James Mitchell said the company will have a "substantial increase" in capital expenditure, especially in the second half of the year, as more China-designed chips become "available to us month by month."
腾讯首席战略官詹姆斯·米切尔表示，随着越来越多中国设计的芯片“逐月对我们可用”，公司今年将出现资本支出的“大幅增长”，尤其是在下半年。
Mitchell also said that the supply of China-designed graphics processing units (GPUs) would "progressively" ramp up through the year.
米切尔还表示，中国设计的图形处理器（GPU）供应将在全年逐步提升。
He also said that China-designed chips were seeing more supply from manufacturing facilities within China as well as "neighbouring countries."
他还表示，中国设计的芯片正从中国境内的制造工厂以及“邻国”获得更多供应。
China has a swathe of local chip players that have ramped up activity by going public and launching products. Moore Threads, MetaX and Huawei are among the players trying to fill the void left by Nvidia since it was blocked from selling its chips to China more than a year ago.
中国拥有一大批本土芯片企业，它们通过上市和发布产品来加大活动力度。摩尔线程、MetaX 和华为等企业正试图填补英伟达一年多前被禁止向中国出售芯片后留下的空白。
This has underpinned record revenue at Chinese chip companies.
这为中国芯片企业创纪录的营收提供了支撑。
Alibaba designs its own AI chips, which it deploys in its data centers that power its cloud computing division.
阿里自研 AI 芯片，并将其部署在为其云计算部门提供算力的数据中心中。
"T-Head's proprietary GPU chips have achieved scaled mass production," an Alibaba executive said on the company's earnings call on Wednesday. Alibaba talked up how its self-designed chips are an advantage in an environment where access to semiconductors is difficult.
“T-Head 的专有 GPU 芯片已实现规模化量产，”一位阿里高管在周三的业绩电话会议上表示。阿里强调，在获取半导体困难的环境下，其自研芯片是一种优势。
"In an environment of compute scarcity, this structural advantage is favorable to our revenue growth and gross margin improvement," an executive said.
“在算力稀缺的环境下，这种结构性优势有利于我们的营收增长和毛利率改善，”一位高管表示。
Alibaba also signalled that it could sell servers that are equipped with its chips to companies building computing and data centers, or it could co-build those facilities with other firms, underscoring how the tech giant sees its growing role in China's semiconductor space.
阿里还暗示，可能将搭载其芯片的服务器出售给建设计算和数据中心的企业，或与其他公司共建此类设施，这凸显了这家科技巨头如何看待自身在中国半导体领域不断扩大的角色。
Will Nvidia be welcomed?
Alibaba and Tencent's comments came a day before Reuters on Thursday reported that the U.S. gave the green light for several Chinese firms, including Alibaba and Tencent, to buy Nvidia's H200 chips, one of the most powerful GPUs on the market.
阿里和腾讯发表上述言论的前一天，路透社周四报道称，美国已为包括阿里和腾讯在内的数家中国企业开绿灯，允许其购买英伟达 H200 芯片——这是市场上最强大的 GPU 之一。
However, no H200s have been made so far, Reuters added.
不过路透社补充称，目前尚未生产任何 H200 芯片。
It's still unclear whether Nvidia has indeed received the approval of the U.S. government. Asked by CNBC's Joe Kernen about the report, U.S. Treasury Secretary Scott Bessent said: "This is news to me."
英伟达是否确实已获得美国政府的批准仍不明朗。美国财政部长斯科特·贝森特被 CNBC 乔·克南问及该报道时表示：“这对我来说也是新闻。”
"I know there's been a lot of back and forth ... and we'll have to see on that. That's a commerce departmentfunction," Bessent added.
“我知道一直有来来回回的博弈……我们还得看看。这是商务部的职能，”贝森特补充道。
There have been several reports over the last year regarding Washington giving approval to Nvidia to ship certain chips, such as the less powerful H20, to China. However, some reports in that time frame suggested China encouraged local firms to buy domestic alternatives.
过去一年中，有数篇报道称华盛顿批准英伟达向中国出口某些芯片，如性能较弱的 H20。但同一时期的一些报道也暗示，中国鼓励本土企业购买国产替代品。
Neil Shah, partner at Counterpoint Research, said that as Chinese firms push toward "agentic AI," the idea of AI systems carrying out more complex tasks, they will require more advanced chips. That means Nvidia's H200 product will be welcomed, he said.
Counterpoint Research 合伙人尼尔·沙阿表示，随着中国企业向“代理式 AI”——即 AI 系统执行更复杂任务——推进，它们将需要更先进的芯片。这意味着英伟达 H200 产品将受到欢迎，他说。
"We are seeing the Chinese AI roadmap pivot towards 'domestic-only' with AI training infrastructure," Shah told CNBC. But he added that the "race towards Agentic AI" had shifted "from training to massive inference scaling" − the process of actually running AI models that have been trained.
“我们看到中国 AI 路线图在 AI 训练基础设施上向‘纯国产’转向，”沙阿告诉 CNBC。但他补充说，“迈向代理式 AI 的竞赛”已经“从训练转向大规模推理扩展”——即实际运行已训练好的 AI 模型的过程。
"Chinese hyperscalers simply cannot afford to wait," Shah said, adding: "The timing is right for NVIDIA H200 to get adopted in what could be a hybrid AI inferencing infrastructure based on Chinese and U.S. chips to scale the infrastructure sooner rather than later."
“中国超大规模云厂商根本等不起，”沙阿说，并补充道：“现在正是英伟达 H200 被采用的恰当时机，它可能被纳入一种基于中美芯片的混合 AI 推理基础设施，尽早扩展基础设施规模。”
📚 重难点词汇表 ｜ Vocabulary List
第一部分（第1–4段）
ramp up /ræmp ʌp/ phr. 加速；提升
1️⃣ Chinese companies are ramping up homegrown AI chips…（中国公司正在加速推进本土 AI 芯片……）
2️⃣ The factory is ramping up production to meet demand.（工厂正在提高产量以满足需求。）
homegrown /ˌhoʊmˈɡroʊn/ adj. 本土的；国产的
1️⃣ …homegrown AI chips…（……本土 AI 芯片……）
2️⃣ The government encourages the use of homegrown technology.（政府鼓励使用国产技术。）
deploy /dɪˈplɔɪ/ v. 部署；运用
1️⃣ …look to deploy more homegrown technology…（……希望部署更多本土技术……）
2️⃣ The army deployed troops to the region.（军队向该地区部署了部队。）
underscore /ˌʌndərˈskɔːr/ v. 强调；凸显
1️⃣ The comments underscore how…（这些言论凸显了……）
2️⃣ The report underscores the need for better regulation.（报告强调了加强监管的必要性。）
absence /ˈæbsəns/ n. 缺席；缺乏
1️⃣ …in the absence of Nvidia's technology…（……在英伟达技术缺位的情况下……）
2️⃣ The project failed due to the absence of clear leadership.（由于缺乏明确领导，项目失败了。）
export restrictions /ˈekspɔːrt rɪˈstrɪkʃənz/ n. 出口限制
1️⃣ …due to export restrictions…（……由于出口限制……）
2️⃣ The government imposed export restrictions on sensitive technology.（政府对敏感技术实施了出口限制。）
domestically developed /dəˈmestɪkli dɪˈveləpt/ adj. 自主开发的；国产的
1️⃣ …pushed its domestically developed chips…（……推进其自主开发的芯片……）
2️⃣ The country relies increasingly on domestically developed software.（该国越来越依赖自主开发的软件。）
self-sufficiency /ˌselfˌsʌfɪˈfɪʃənsi/ n. 自给自足
1️⃣ …search for self-sufficiency to power its AI ambitions.（……寻求自给自足以支撑其 AI 雄心。）
2️⃣ The policy aims to achieve self-sufficiency in food production.（该政策旨在实现粮食自给自足。）
ambition /æmˈbɪʃn/ n. 雄心；野心
1️⃣ …to power its AI ambitions.（……支撑其 AI 雄心。）
2️⃣ His ambition is to become a leading scientist in the field.（他的雄心是成为该领域的顶尖科学家。）
第二部分（第5–9段）
substantial /səbˈstænʃl/ adj. 大量的；重大的
1️⃣ …a "substantial increase" in capital expenditure…（……资本支出的“大幅增长”……）
2️⃣ We have made substantial progress on the project.（我们在项目上取得了实质性进展。）
capital expenditure /ˌkæpɪtl ɪkˈspendɪtʃər/ n. 资本支出
1️⃣ …a "substantial increase" in capital expenditure…（……资本支出的“大幅增长”……）
2️⃣ The company plans to increase capital expenditure on research and development.（公司计划增加研发方面的资本支出。）
graphics processing unit /ˈɡræfɪks ˈproʊsesɪŋ ˈjuːnɪt/ n. 图形处理器（GPU）
1️⃣ …China-designed graphics processing units (GPUs)…（……中国设计的图形处理器（GPU）……）
2️⃣ Modern graphics processing units are essential for AI training.（现代图形处理器对 AI 训练至关重要。）
progressively /prəˈɡresɪvli/ adv. 逐步地；渐进地
1️⃣ …would "progressively" ramp up through the year.（……将在全年逐步提升。）
2️⃣ The situation is progressively getting worse.（局势正在逐步恶化。）
manufacturing facility /ˌmænjuˈfæktʃərɪŋ fəˈsɪləti/ n. 制造工厂
1️⃣ …from manufacturing facilities within China…（……从中国境内的制造工厂……）
2️⃣ The company is building a new manufacturing facility in Vietnam.（公司正在越南建设新制造工厂。）
neighbouring countries /ˈneɪbərɪŋ ˈkʌntriz/ n. 邻国
1️⃣ …as well as "neighbouring countries."（……以及“邻国”。）
2️⃣ Conflict in one country can quickly spread to neighbouring countries.（一国的冲突可能迅速蔓延至邻国。）
swathe /sweɪð/ n. 一长条；大批
1️⃣ China has a swathe of local chip players…（中国拥有一大批本土芯片企业……）
2️⃣ The storm destroyed a swathe of forest.（风暴摧毁了一大片森林。）
go public /ɡoʊ ˈpʌblɪk/ phr. 上市；公开募股
1️⃣ …by going public and launching products.（……通过上市和发布产品。）
2️⃣ The company plans to go public next year.（公司计划明年上市。）
void /vɔɪd/ n. 空白；空缺
1️⃣ …trying to fill the void left by Nvidia…（……试图填补英伟达留下的空白……）
2️⃣ His resignation left a void in the team.（他的离职在团队中留下了空缺。）
underpin /ˌʌndərˈpɪn/ v. 支撑；巩固
1️⃣ This has underpinned record revenue…（这支撑了创纪录的营收……）
2️⃣ Strong consumer demand underpins economic growth.（强劲的消费需求支撑经济增长。）
第三部分（第10–13段）
semiconductor /ˌsemikənˈdʌktər/ n. 半导体
1️⃣ …its self-developed semiconductor usage.（……其自研半导体的使用。）
2️⃣ The global semiconductor shortage affected many industries.（全球半导体短缺影响了众多行业。）
proprietary /prəˈpraɪəteri/ adj. 专有的；私有的
1️⃣ "T-Head's proprietary GPU chips…"（“T-Head 的专有 GPU 芯片……”）
2️⃣ The software uses a proprietary format that is not compatible with others.（该软件使用专有格式，与其他系统不兼容。）
scaled mass production /skeɪld mæs prəˈdʌkʃn/ n. 规模化量产
1️⃣ …have achieved scaled mass production…（……已实现规模化量产……）
2️⃣ The company claims its new battery has reached scaled mass production.（公司宣称其新型电池已实现规模化量产。）
self-designed /ˌself dɪˈzaɪnd/ adj. 自研的；自主设计的
1️⃣ …how its self-designed chips are an advantage…（……其自研芯片如何成为一种优势……）
2️⃣ The device uses a self-designed chip rather than an off-the-shelf one.（该设备使用自研芯片而非现成产品。）
compute scarcity /kəmˈpjuːt ˈskersəti/ n. 算力稀缺
1️⃣ "In an environment of compute scarcity…"（“在算力稀缺的环境下……”）
2️⃣ Compute scarcity is a major bottleneck for AI startups.（算力稀缺是 AI 创业公司的主要瓶颈。）
structural advantage /ˈstrʌktʃərəl ədˈvæntɪdʒ/ n. 结构性优势
1️⃣ …this structural advantage is favorable…（……这种结构性优势是有利的……）
2️⃣ Big tech firms have a structural advantage in data access.（大型科技公司在数据获取上具有结构性优势。）
gross margin /ɡroʊs ˈmɑːrdʒən/ n. 毛利率
1️⃣ …favorable to our revenue growth and gross margin improvement.（……有利于营收增长和毛利率改善。）
2️⃣ The company’s gross margin improved to 45% last quarter.（公司上季度毛利率提升至45%。）
co-build /koʊ bɪld/ v. 共建；联合建设
1️⃣ …or it could co-build those facilities with other firms…（……或可与其他公司共建此类设施……）
2️⃣ The two companies will co-build a research center in Shanghai.（两家公司将共建一座上海研究中心。）
第四部分（第14–17段）
green light /ɡriːn laɪt/ n. 绿灯；许可
1️⃣ …the U.S. gave the green light for several Chinese firms…（……美国为数家中国企业开绿灯……）
2️⃣ The project finally got the green light from the board.（项目终于获得了董事会的批准。）
back and forth /bæk ənd fɔːrθ/ phr. 来回；反复
1️⃣ "I know there's been a lot of back and forth …"（“我知道一直有来来回回的博弈……”）
2️⃣ There has been a lot of back and forth between the two sides over the contract.（双方就合同问题进行了大量来回谈判。）
commerce department /ˈkɑːmɜːrs dɪˈpɑːrtmənt/ n. 商务部
1️⃣ "That's a commerce department function," Bessent added.（“这是商务部的职能，”贝森特补充道。）
2️⃣ The Commerce Department is responsible for trade policy.（商务部负责贸易政策。）
function /ˈfʌŋkʃn/ n. 职能；功能
1️⃣ "That's a commerce department function."（“这是商务部的职能。”）
2️⃣ The main function of the heart is to pump blood.（心脏的主要功能是泵血。）
第五部分（第18–21段）
domestic alternatives /dəˈmestɪk ɔːlˈtɜːrnətɪvz/ n. 国产替代品
1️⃣ …China encouraged local firms to buy domestic alternatives.（……中国鼓励本土企业购买国产替代品。）
2️⃣ Many companies are switching to domestic alternatives to reduce reliance on imports.（许多公司正在转向国产替代品以减少对进口的依赖。）
agentic AI /eɪˈdʒentɪk eɪ aɪ/ n. 代理式 AI（具备自主行动能力的 AI）
1️⃣ …as Chinese firms push toward "agentic AI"…（……随着中国企业向“代理式 AI”推进……）
2️⃣ Agentic AI systems can make decisions and take actions with minimal human input.（代理式 AI系统可在最少人工输入下做出决策并采取行动。）
pivot /ˈpɪvət/ v./n. 转向；枢纽
1️⃣ We are seeing the Chinese AI roadmap pivot towards…（我们看到中国 AI 路线图向……转向）
2️⃣ The company pivoted from hardware to software services.（公司从硬件转向软件服务。）
domestic-only /dəˈmestɪk ˈoʊnli/ adj. 纯国产的；仅限国内的
1️⃣ …pivot towards 'domestic-only' with AI training infrastructure…（……在 AI 训练基础设施上向‘纯国产’转向……）
2️⃣ The policy promotes a domestic-only supply chain for critical technologies.（该政策推动关键技术建立纯国产供应链。）
infrastructure /ˈɪnfrəstrʌktʃər/ n. 基础设施
1️⃣ …with AI training infrastructure…（……在 AI 训练基础设施方面……）
2️⃣ The government is investing heavily in transport infrastructure.（政府正大力投资交通基础设施。）
massive inference scaling /ˈmæsɪv ˈɪnfərəns ˈskeɪlɪŋ/ n. 大规模推理扩展
1️⃣ …shifted "from training to massive inference scaling"…（……从训练转向大规模推理扩展……）
2️⃣ The company is investing in massive inference scaling to serve more users.（公司正投资于大规模推理扩展以服务更多用户。）
hyperscaler /ˈhaɪpərskeɪlər/ n. 超大规模云厂商
1️⃣ "Chinese hyperscalers simply cannot afford to wait," Shah said…（“中国超大规模云厂商根本等不起，”沙阿说……）
2️⃣ The global cloud market is dominated by a few hyperscalers.（全球云市场由少数几家超大规模云厂商主导。）
adopt /əˈdɑːpt/ v. 采用；采纳
1️⃣ …for NVIDIA H200 to get adopted…（……英伟达 H200 被采用……）
2️⃣ The school adopted a new teaching method this semester.（学校本学期采用了新的教学方法。）
hybrid AI inferencing infrastructure /ˈhaɪbrɪd eɪ aɪ ɪnˈfɜːrənsɪŋ ˈɪnfrəstrʌktʃər/ n. 混合 AI 推理基础设施
1️⃣ …in what could be a hybrid AI inferencing infrastructure based on Chinese and U.S. chips…（……可能基于中美芯片的混合 AI 推理基础设施……）
2️⃣ A hybrid AI inferencing infrastructure can leverage the strengths of different chip architectures.（混合 AI 推理基础设施可以发挥不同芯片架构的优势。）
sooner rather than later /ˈsuːnər ˈræðər ðæn ˈleɪtər/ phr. 尽早；宁可早一点
1️⃣ …to scale the infrastructure sooner rather than later.（……尽早扩展基础设施规模。）
2️⃣ We need to resolve this issue sooner rather than later.（我们需要尽早解决这个问题。）
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