By Thomas Hughes
Publication Date: 2026-05-05 11:00:00
NVIDIA NASDAQ: NVDA CEO Jenson Huang says the company has 0% GPU market share in China, but that’s only the official picture. It makes no direct sales to China, as the advanced Blackwell lineup is banned, and the firm’s H200s are heavily restricted.
NVIDIA Today
- 52-Week Range
- $110.82
▼
$216.82
- Dividend Yield
- 0.02%
- P/E Ratio
- 40.12
- Price Target
- $275.25
There is, however, a booming gray market in which smuggled hardware still may account for a double-digit share of China’s market. With U.S restrictions rising and supply tightening, prices are rising to extraordinary levels, indicating the strength of demand.
The risk for investors is how much of NVIDIA’s backlogged revenue stems from China, and how strongly (if at all) U.S. controls will affect upcoming results.
In its upcoming earnings release on May 20, NVIDIA is expected to report accelerated sequential and year-over-year (YOY) growth, with the top line approaching 78% YOY and margins widening.
The bar is set high, as nearly 100% of analysts covering the stock have increased their forecasts ahead of the release, so there is some risk, but outperformance is likely.
NVIDIA’s Analysts Set High Bar: Outperformance Expected
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