Nvidia Stock’s Real Risk Isn’t China. It’s Power.

Nvidia Stock’s Real Risk Isn’t China. It’s Power.

By Trefis Team
Publication Date: 2026-11-02 12:49:00

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Part of our midterms guide. Start here: what the vote really changes for your money.

Betting markets give Democrats about a 94% chance of taking the House on Tuesday. Nvidia is worth about $4.95 trillion, and almost every rule that touches it was written by the White House, not Congress. That’s the first thing to know. A Democratic House can’t undo an executive decision past a veto. So what can it reach?

What Washington touchesWhere it standsCan a Democratic House change it?
Chip sales to ChinaH200 allowed under license; Washington takes 25% of the salesPressure only; a ban needs a law
China in Nvidia’s forecastZero: the outlook assumes no China data-center revenueNothing left to cut
Chip tariffs25% on some advanced chips, with exemptions for U.S. data centersNot past a veto
Power for data centers77% of Americans worry AI will raise power pricesHearings, and voters in both parties

China can’t hurt Nvidia’s numbers much more. The power bill can.

Nvidia shipped its first H200 chips to China in the quarter that ended in July. They were less than 1% of its $89 billion in data-center sales. Its forecast for the next quarter, $108 billion, counts no China data-center sales at all. On a normal trading day, Nvidia’s value moves by about $76 billion. One ordinary day is worth more than all of Nvidia’s China data-center sales last quarter.

See more lines: the China…