Mike Shepard

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Well, the volumes are a little bit unclear as far as what the Chinese government would approve.

But we already are getting some signals, according to our reporting, that companies like ByteDance and Baidu would be interested in buying up to 200,000 Nvidia H200 chips each once those approvals go through.

Now, it's unclear whether...

China, the authorities in Beijing will allow those kinds of quantities right away into the market.

And Ed, it's important to remember also that, look, there are restrictions still in place here from the U.S.

Even with President Donald Trump's verbal blessing for this, we still need to see licenses emitted by the Commerce Department.

That process is still underway.

Jensen Huang, in your interview with him the other day, indicated that he was optimistic that those would go through.

And likewise, this would affect AMD, which also has chips, and it is hoping to get into China as well.

Look, for NVIDIA, this is a big win if it all goes through, as we are outlining in this report.

China is the world's biggest semiconductor market, and Jensen Huang has identified it as a $50 billion opportunity for the company.

And the timing is crucial.

They are facing intensifying competition from rivals inside China, including CameraCon and SMIC, which are making strides in the development of their own homegrown semiconductors.

And we have also seen signals from authorities in Beijing that they would like local companies to start favoring domestic alternatives to NVIDIA over whatever might be coming from the U.S.,

This would be perhaps the fourth or more seizure of a Venezuela-bound or Venezuela-departing tanker by U.S.

forces as a result of this blockade that the U.S.