Caroline Hyde

One with displays, the other audio only.

First pair is expected next year.

Ed.

Let's go back to that Nvidia story.

President Trump has announced a major policy shift on Nvidia, allowing the company to sell its H200 AI chips to China in exchange for a 25% surcharge.

And as Bloomberg's Ian King explained, because the chips are manufactured in Taiwan, they enter the United States.

That's the point of surcharge and tariff.

But there's more about the market opportunity.

Bloomberg Intelligence's Mandeep Singh joins us.

I was really interested in BI's reaction to this because...

Prior to yesterday, this was about opportunity lost in China, a market that Jensen Huang has said is $50 billion of addressable market opportunity.

You've done some math on where you think at BI there is some revenue to now be had in China.

What is that number?

25 to 30 billion when the total addressable market is 50 billion from Jensen's perspective.

So the narrative goes that maybe Alibaba and the others are able to access H200s.

Will there then be this building of momentum that they can convince the Chinese government that they should be allowed them and indeed that they can therefore jostle in for even more sophisticated Blackwell architecture even the next?

Vandeep, in considering policy, I'm sure the White House made an assessment of China's energy capabilities, right?

Has Bloomberg Intelligence done any of its own study or aggregation of maybe third-party data on realistically the production volume capabilities of a Huawei, a Cambricon?

Because no matter the technology's performance vis-a-vis any generation of American technology, the limit to China seems to be supply constraint.

You recently visited Asia.