Tencent Holdingsの空売り状況は、投資家がTencent Holdingsの株価下落に賭けている度合いを知ることができます。空売りデータは2週間ごとに更新されます。

Tencent Holdings (OTC:TCEHY) 株価情報, 空売り情報

Tencent Holdings

TENCENT HOLDINGS ADR

Tencent holds a prominent position in China's internet sector, with a diverse portfolio of products and services used daily by a significant portion of the population. The company is the world's largest video game publisher and owns Honor of Kings, a top-grossing mobile game globally. Tencent also operates WeChat, China's largest social media super app. WeChat is deeply integrated into the daily lives of Chinese people for communication, entertainment, shopping, and more. Beyond its offerings, Tencent is a significant player in global venture capital and investment. The company holds substantial stakes in leading companies including PDD, Kuaishou, and Epic Games.

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（３日）フォルクスワーゲンAG（OTC：VWAGY）メルセデス・ベンツ（Mercedes-Benz） L&#39;Oréal（ロレアル）をはじめとする数多くの大手多国籍企業が、中国における需要の減少を懸念している。

中国指数消費者信頼度の低下　大手外資企業が苦戦

TENCENT HLDGS UNSP/ADR by Tencent Holding Ltd.

Tencent Holdings Ltd

The CEO of Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Jensen Huang, has reportedly arrived in Beijing following the recent implementation of U.S. restrictions on the company&#8217;s chip sales to China.
What Happened: Huang&#8217;s visit to China, which began on Wednesday, involves discussions with officials and tech leaders about the implications of the U.S.&#8217;s decision to impose further restrictions on its sales in the country. This information comes from local media and a source familiar with Huang&#8217;s travel plans, <a href="https://www.ft.com/content/7a49186c-8e51-4540-affe-15239c0914e3">according</a> to a report by the Financial Times.
The&nbsp;China Council for the Promotion&nbsp;of International Trade, a government-affiliated&nbsp;trade group that significantly influences U.S.-China business relations, invited Huang to visit. This information was shared on Weibo, a Chinese state media social media service.
In a meeting with Ren Hongbin, the head of the China Council for the Promotion of International Trade, Huang reportedly emphasized the importance of the Chinese market to Nvidia, particularly in light of the U.S.&#8217;s ban on sales of its H20 artificial intelligence chips to the country. &#8220;We hope to continue to cooperate with China,&#8221; Huang stated, reported Edge Malaysia, citing China&#8217;s state broadcaster, CCTV.
SEE ALSO: <a href="https://benzinga.com/25/04/44855538/cathie-woods-crypto-shuffle-pours-5-2-million-into-newly-listed-solana-staking-fund-dumps-bitcoin-etf-and-buys-robinhood-dip" target="_blank" rel="noreferrer noopener">Cathie Wood&#8217;s Crypto Shuffle: Pours $5.2 Million Into Newly Listed Solana Staking Fund, Dumps Bitcoin ETF And Buys Robinhood Dip</a>
Why It Matters: On Wednesday,&nbsp;Nvidia responded to a <a href="https://www.benzinga.com/tech/25/04/44856114/nvidia-says-it-follows-us-government-instructions-on-what-it-can-sell-and-where-amid-trade-war-escalation-with-china">national security investigation</a>, asserting its compliance with U.S. export rules following the escalated restrictions on AI chip sales to China. This response came after the company was questioned about the sale of its H20 processors, which recently became subject to new export restrictions. Nvidia revealed that the new controls would lead to a $5.5 billion reduction in its earnings.
Nvidia believed it could continue selling the chip to China after a meeting between Huang and President Donald Trump at Mar-a-Lago this month. The company assured major Chinese clients, including Alibaba (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), ByteDance and Tencent (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>), that H20 purchases would not be impacted, reported FT. 
Despite the restrictions leading to a more than 6% drop in Nvidia&#8217;s shares, some Wall Street analysts view this as a potential buying opportunity. According to a <a href="https://www.benzinga.com/25/04/44844084/nvidias-h20-chip-ban-could-lead-to-manageable-sales-drop-bank-of-america-says">note shared</a> by Bank of America analyst Vivek Arya, the latest H20 chip restrictions to China pose only a &#8220;manageable risk&#8221; to Nvidia&#8217;s sales outlook. This perspective suggests that, while unwelcome, the restrictions were largely anticipated.
Nvidia stock plunged 6.9% to close at $104.49 on Wednesday, as per <a href="https://pro.benzinga.com/dashboard">BenzingaPro</a>. Over the past month, the stock plunged nearly 13%. 
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Markets

Tech

NVDA

Jensen Huang In China For Talks As US Tightens Nvidia Chip Restrictions: Report

On Tuesday, Nvidia&nbsp;Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/nvidia" rel="noreferrer noopener">disclosed that the</a> Trump administration informed it on April 9 that its H20 chip would require an export license for sales to China.
The chipmaker&nbsp;failed to warn some major customers about new U.S. export rules to help them prepare in advance, Reuters reported, citing unnamed sources familiar with the matter.
Nvidia bagged $18 billion of H20 orders since 2025 beginning.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/04/44815107/taiwan-semiconductor-preps-new-chip-tech-to-supercharge-ai-performance-by-2027" rel="noreferrer noopener">Taiwan Semiconductor Preps New Chip Tech To Supercharge AI Performance By 2027</a>
China generated $17 billion in revenue in fiscal 2024, accounting for 13% of Nvidia&#8217;s total sales.
Nvidia stock has been tanking since Tuesday. It disclosed that it booked up to <a target="_blank" href="https://www.benzinga.com/25/04/44830406/nvidia-to-take-55-billion-hit-over-china-chip-export-restrictions-but-top-analyst-dan-ives-says-hes-not-overly-concerned-all-part-of-the-high-game-of-poker" rel="noreferrer noopener">$5.5 billion in charges</a> in the first quarter due to the licensing requirement.
<a target="_blank" href="https://www.benzinga.com/25/04/44621102/bytedance-alibaba-and-tencent-order-16-billion-worth-of-nvidias-h20-chips-following-the-surge-in-demand-deepseeks-low-cost-ai-models-report" rel="noreferrer noopener">Chinese tech giants</a>, including Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), ByteDance, and Tencent Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>), have been stocking up on H20 chips, fearing further semiconductor sanctions.
They reportedly placed over $16 billion in orders for the quarter. Also, the popularity of&nbsp;Chinese AI startup DeepSeek&#8217;s&nbsp;<a target="_blank" href="https://www.benzinga.com/25/02/43931074/chinese-tech-giants-like-tencent-alibaba-and-bytedance-rush-to-buy-nvidias-h20-ai-chips-as-deepseeks-low-cost-models-fuel-massive-demand-surge" rel="noreferrer noopener">low-cost AI models</a> drove a surge in demand for AI computing power.
Redburn Atlantic analyst&nbsp;Timm Schulze-Melander <a target="_blank" href="https://www.benzinga.com/markets/equities/25/04/44811225/nvidia-remains-a-top-pick-despite-tariff-headwinds-says-analyst-important-data-center-modernizationamong-the-last-areas-to-be-cut" rel="noreferrer noopener">named Nvidia a</a> &#8216;top pick&#8217; despite macro uncertainties and potential demand softening, citing investments in leading-edge AI and chipmaking will likely show resilience.
On Monday, Nvidia&nbsp;announced plans&nbsp;to develop $500 billion in AI-related infrastructure across the U.S. over the next four years.
Bank of America analyst&nbsp;Vivek Arya <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/25/03/44539735/nvidia-stock-an-attractive-opportunity-analyst-says-valuation-cheap-despite-china-restrictions" rel="noreferrer noopener">noted&nbsp;that Nvidia</a> stock is providing a particularly attractive opportunity for one of the most unique, high-quality tech franchises leading the most significant and fastest-growing secular trends.
Price Action: NVDA stock is down 7.65% at $103.62 at the last check on Wednesday.
Read Next:
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<li><a href="https://www.benzinga.com/25/04/44826144/asml-nears-china-order-finish-line-as-demand-for-ai-chip-tools-heats-up" target="_blank" rel="noreferrer noopener">ASML Approaches End Of China Backlog, Eyes Growth in AI and Advanced Chip Demand</a></li>
</ul>
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Government

Regulations

Media

Nvidia's China Sales Face Setback As H20 Chip Restrictions Catch Key Buyers Off Guard: Reuters

Nvidia Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) has reportedly not communicated to some of its major Chinese customers about the new U.S. export rules affecting its AI chip.
What Happened: U.S. officials informed Nvidia&nbsp;on April 9 that its&nbsp;H20 chip would now&nbsp;require an export license for&nbsp;sales to China. Despite this, the chipmaker did not share this crucial information with some of its key customers in China, who were anticipating H20 deliveries by year-end, reported Reuters. 
The new export rules are a part of Washington&#8217;s ongoing efforts to restrict China&#8217;s access to advanced semiconductors and maintain U.S. dominance in AI technology. These restrictions could significantly affect Nvidia&#8217;s business in China, one of its largest markets.
A spokesperson for Nvidia declined to comment when contacted by <a href="http://pro.benzinga.com">Benzinga</a>.
Since&nbsp;the start of the year,&nbsp;the Jensen Huang-led company has secured orders worth $18 billion for its H20 chips. Chinese tech giants&nbsp;Tencent Holdings Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>),&nbsp;Alibaba Group Holding Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), and&nbsp;ByteDance Ltd.,&nbsp;the owner of TikTok, had&nbsp;increased orders for H20 chips&nbsp;due to the rising&nbsp;demand for affordable AI models.
SEE ALSO:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/04/44832008/peter-schiff-says-since-trump-was-elected-bitcoin-advocates-took-a-180-turn-on-us-economy-" target="_blank" rel="noreferrer noopener">Peter Schiff Says Since Trump Was Elected Bitcoin Advocates Took A 180 Turn On US Economy, But Critics Say Economist Mistaken</a>
Why It Matters: The new export rules are expected to hit Nvidia&#8217;s bottom line. The chipmaker is set to take a $5.5 billion <a href="https://www.benzinga.com/25/04/44830406/nvidia-to-take-55-billion-hit-over-china-chip-export-restrictions-but-top-analyst-dan-ives-says-hes-not-overly-concerned-all-part-of-the-high-game-of-poker">charge this quarter </a>due to halted shipments of its H20 GPUs to China and several other markets.
The H20 is the main chip that Nvidia is legally allowed to sell in China, introduced following the implementation of the latest U.S. export restrictions in October 2023. According to analysts, Chinese AI chipmakers, especially Huawei, could benefit from the limitations placed on H20 as it offers alternatives to Nvidia&#8217;s product range.
Meanwhile, despite the potential semiconductor industry slowdown due to tariff uncertainties, Nvidia is expected to hold its ground. According to a recent analysis by Redburn Atlantic, Nvidia's <a href="https://www.benzinga.com/markets/equities/25/04/44811225/nvidia-remains-a-top-pick-despite-tariff-headwinds-says-analyst-important-data-center-modernizationamong-the-last-areas-to-be-cut">potential to endure</a> the industry's turbulence remains strong. The firm maintains a buy rating on Nvidia and has named it a ‘top pick' for investors once the sector's turbulence subsides.
Benzinga's Edge Rankings&nbsp;highlight strong momentum and growth rankings for Nvidia in the 77th and 95th percentiles, respectively. Curious how other stocks stack up?&nbsp;<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound" target="_blank" rel="noreferrer noopener">Click here</a>&nbsp;to uncover growth and momentum scores for top stocks.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Nvidia Didn't Alert Chinese Clients About US Export Limits On H20 AI Chip: Report

Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) will take a <a href="https://www.benzinga.com/news/global/25/04/44828742/nvidia-stock-is-tumbling-after-hours-heres-why">multibillion-dollar hit tied</a> to U.S. export restrictions, but a top analyst says the long-term story remains intact.
What Happened: On Tuesday, Nvidia said it would take a $5.5 billion charge this quarter related to halted shipments of its H20 graphics processing units to China and several other markets.
The announcement comes after the U.S. government informed the company on April 9 that it would now require a license to export those chips.
According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>, shares of Nvidia fell 6.33% in after-hours trading on Tuesday.
See Also:&nbsp;<a href="https://www.benzinga.com/25/04/44778760/netflix-debuts-openai-backed-search-engine-that-lets-you-discover-movies-and-tv-shows-based-on-emotions-not-just-titles" target="_blank" rel="noreferrer noopener">Netflix Debuts OpenAI-Backed Search Engine That Lets You Discover Movies And TV Shows Based On Emotions, Not Just Titles</a>
Wedbush Securities analyst Dan Ives weighed in on the development, urging investors to maintain perspective.
"The Nvidia China restriction news that just hit will put pressure on shares and it's a concern…BUT this is all part of the high game of poker going on between U.S. and China," he said in a post on X, formerly Twitter.
"I am not overly concerned by this news despite the headline," he added. "Nvidia remains caught in the tariff spiderweb between [the] U.S. and China. Street knows this. Need to look thru this period of vol and news and see [the] forest thru trees. Nvidia only chip in world fueling AI Revolution..demand."
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I am not overly concerned by this news despite the headline and Nvidia remains caught in tariff spiderweb between US and China. Street knows this. Need to look thru this period of vol and news and see forest thru trees. Nvidia only chip in world fueling AI Revolution..demand &#x1f525; <a href="https://t.co/c3JP4GctGf">https://t.co/c3JP4GctGf</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1912266483931001020?ref_src=twsrc%5Etfw">April 15, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It's Important: The latest Nvidia licensing mandate seems to mark another escalation in the <a href="https://www.benzinga.com/markets/25/04/44806095/as-xi-jinping-urges-vietnam-to-stand-against-unilateral-bullying-trump-labels-the-meeting-a-plan-to-screw-the-united-states-of-america">ongoing trade tensions with China</a>. While President Donald Trump recently held off on imposing reciprocal tariffs on most nations, he increased tariffs specifically targeting China.
In response, China retaliated over the weekend with tariffs as high as 125% on U.S. products.
Earlier, Goldman Sachs warned that a potential U.S.-China decoupling could spark a <a href="https://www.benzinga.com/25/04/44787496/goldman-sachs-warns-25-trillion-sell-off-in-the-extreme-event-of-us-china-decoupling-as-scott-bessent-says-everything-is-on-the-table">massive $2.5 trillion market sell-off</a>.
In February, it was reported that Chinese tech heavyweights Tencent Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>), Alibaba Group Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), and ByteDance have <a href="https://www.benzinga.com/25/02/43931074/chinese-tech-giants-like-tencent-alibaba-and-bytedance-rush-to-buy-nvidias-h20-ai-chips-as-deepseeks-low-cost-models-fuel-massive-demand-surge">ramped up their orders</a> for Nvidia's H20 AI chips, driven by soaring demand for AI computing power fueled by the rise of DeepSeek's cost-effective AI models.
The DeepSeek R1 AI model, reportedly developed <a href="https://www.benzinga.com/markets/equities/25/01/43256425/nvidia-says-deepseek-an-illustration-of-how-new-ai-models-can-be-created-while-being-export-control-compliant-amid-600-billion-market-value-plunge">for under $6 million</a>, has outperformed leading U.S. models—including those from OpenAI.
In March, Chinese <a href="https://www.benzinga.com/25/03/44519562/nvidia-faces-fresh-china-setback-as-chip-shortages-and-sanctions-disrupt-supply">server manufacturer H3C flagged</a> a potential shortage of Nvidia&#8217;s H20 chips. The company also warned that supply plans beyond April 20 remain uncertain due to shifting raw material policies, logistical disruptions, and manufacturing difficulties.
Price Action: Nvidia shares are down 18.88% so far this year but have still climbed 30.47% over the past 12 months, as per <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
According to Benzinga Edge Stock Rankings, the company holds a strong growth score of 94.82%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to compare</a> it with Alibaba, Tencent, and other major players.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/quote/NVDA"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/15215459/Screenshot-2025-04-16-at-7.24.53%E2%80%AFAM.png" alt="" class="wp-image-873202" /></a></figure>
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Read More:
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<li><a href="https://benzinga.com/news/25/04/44735140/most-people-dont-have-the-balls-to-do-it-says-mark-cuban-praising-musk-for-going-all-in-with-his-own-money-f" target="_blank" rel="noreferrer noopener">‘Most People Don't Have The Balls To Do It,' Says Mark Cuban, Praising Musk For Going ‘All In' With His Own Money For His Startups</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Nvidia To Take $5.5 Billion Hit Over China Chip Export Restrictions — But Top Analyst Dan Ives Not Overly Concerned: 'All Part Of The High Game Of Poker'

China&#8217;s tech stocks are grappling with potential challenges that could have a more significant impact than President Donald Trump&#8216;s tariffs.
What Happened:  The Hang Seng Tech Index, which has lost over $350 billion in market value since March, is now under the shadow of geopolitical tensions and potential U.S. sanctions. Bush Chu, an investment manager at Aberdeen Investments, stated that these U.S. measures, such as restrictions on financial holdings or additional sanctions, represent a &#8220;serious risk,&#8221; <a href="https://fortune.com/asia/2025/04/11/china-tech-faces-worries-trump-tariffs-hang-seng-index/">reported</a> Fortune.
There are also rumors about the potential forced delisting of Chinese stocks from U.S. exchanges, along with possible restrictions on access to technology. Chu warns that these measures could trigger a &#8220;sharp selloff&#8221;&nbsp;of heavily foreign-owned Chinese tech&nbsp;stocks.
TD Cowen analyst Jaret Seiberg&nbsp; cautioned, "Given how high Trump already has pushed up tariffs against China, we believe delisting is moving up in the list of retaliatory options." 
Chinese e-commerce firms have been the worst impacted by the U.S. raising tariffs on small parcels, previously exempt from duties. American depositary receipts of&nbsp;PDD Holdings Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) have tumbled nearly 16% over the last week, while ADRs of&nbsp;Alibaba Group Holding Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) are down 11% during the same period.
Most of China&#8217;s tech sector earns revenue and profits domestically, so direct tariff impacts are minimal, except in online shopping. However, rising tensions could lead to non-tariff actions. The U.S. Department of Defense has already blacklisted major Chinese firms like Tencent Holdings Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>). 
SEE ALSO:&nbsp;<a href="https://benzinga.com/25/04/44757218/federal-judge-greenlights-trump-administrations-registry-for-undocumented-immigrants" target="_blank" rel="noreferrer noopener">Federal Judge Clears Trump Plan Requiring Undocumented Immigrants To Register Or Face Penalties</a>
Why It Matters: Earlier this year, China&#8217;s tech stocks surged due to excitement around DeepSeek's success in AI. However, investor focus has shifted back to U.S. efforts to restrict China's access to advanced technology as trade tensions worsen.
The options traders are nervous, as evidenced by the&nbsp;cost of hedging against declines&nbsp;in Chinese tech giants like&nbsp;Tencent and Alibaba remaining near multi-year highs.&nbsp;
As&nbsp;<a href="https://www.benzinga.com/markets/equities/25/04/44704439/alibaba-plunges-32-since-march-peak-as-trump-tariff-threats-fuel-us-china-trade-tensions-chairman-joe-tsai-says-everybody-is-concerned">reported</a>&nbsp;earlier this month, Alibaba&#8217;s shares have plummeted 32.50% since mid-March due to escalating trade tensions. Furthermore, shares of major U.S. technology companies, including Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) have been trading lower following a broader market pullback after a sharp rally.
While the Hang Seng has regained over 10% during the past four trading sessions, investors may still be skeptical. According to analyst Chu, "Whether investors want to get into China stocks right now just to capture the AI opportunities … they may pause a bit for now given the great uncertainties, and they might re-enter if they obtain more clarity on the tariff, on the global economy."
<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/news/global/25/04/44754763/obama-era-treasury-secretary-larry-summers-rejects-china-cheating-at-trade-narrative-we-get-ev-batter" target="_blank" rel="noreferrer noopener">Obama-Era Treasury Secretary Larry Summers Rejects China &#8216;Cheating&#8217; At Trade Narrative: We Get EV Batteries For &#8216;Pieces Of Paper&#8217; — It&#8217;s A Good Deal</a></li>
</ul>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AAPL

Are Chinese Tech Stocks At A 'Serious Risk' Amid Escalating Trade War? 'Delisting Is Moving Up In The List Of Retaliatory Options,' Says Analyst

Nvidia Corporation's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) stock has dropped 17.34% year-to-date, but the company has now reportedly seen a reversal of <a href="https://in.benzinga.com/25/02/43931074/chinese-tech-giants-like-tencent-alibaba-and-bytedance-rush-to-buy-nvidias-h20-ai-chips-as-deepseeks-low-cost-models-fuel-massive-demand-surge">planned export restrictions</a> on its H20 artificial intelligence chips.
What Happened: The Donald Trump administration had been considering a ban on the export of Nvidia's H20 AI chips to China, which would have been the most advanced AI processors legally available to Chinese companies.
These restrictions had been in the works for months and were expected to be implemented soon. However, after Nvidia CEO Jensen Huang met with Trump at his Mar-a-Lago estate last week, the administration has reversed course, <a href="https://www.npr.org/2025/04/09/nx-s1-5356480/nvidia-china-ai-h20-chips-trump">reported</a> NPR, citing two sources with knowledge of the plan.
See Also: <a href="https://www.benzinga.com/tech/25/04/44726879/vietnam-a-hub-for-us-tech-giants-like-apple-and-nvidia-wants-to-talk-trade-after-trump-pauses-46-tariff">Vietnam, A Hub For US Tech Giants Like Apple And Nvidia, Wants To Talk Trade After Trump Pauses 46% Tariff</a>
Nvidia also committed to increasing its U.S. investments in AI data centers, the report said.
Why It Matters: Previously, it was reported that Chinese tech giants Tencent Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>), Alibaba Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), and ByteDance have <a href="https://in.benzinga.com/25/02/43931074/chinese-tech-giants-like-tencent-alibaba-and-bytedance-rush-to-buy-nvidias-h20-ai-chips-as-deepseeks-low-cost-models-fuel-massive-demand-surge">ramped up their orders</a> for Nvidia&#8217;s H20 AI chips, fueled by soaring demand for computing power driven by the rise of DeepSeek&#8217;s affordable AI models.
These companies have reportedly ordered more than $16 billion worth of Nvidia&#8217;s H20 server chips during the first quarter of 2025.
Last month, it was reported that Nvidia faced challenges due to chip shortages and sanctions disrupting supply. Chinese server maker H3C warned of a <a href="https://in.benzinga.com/25/03/44519562/nvidia-faces-fresh-china-setback-as-chip-shortages-and-sanctions-disrupt-supply">potential Nvidia H20 chip crisis</a>, with inventories nearly depleted.
Chinese companies are actively seeking ways to lessen their dependence on Nvidia. In March, Qingcheng.AI unveiled "Chitu," a framework optimized for domestically produced chips.
Huawei Technologies has also made notable strides in developing its own AI chips, with <a href="https://in.benzinga.com/media/25/03/44488569/chinas-huawei-reportedly-doubles-ai-chip-yields-to-40-now-nvidia-ceo-jensen-huang-warns-that-the-chinese-tech-giant-is-the-most-formidable-competitor-despite-us-sanctions">Huang recognizing the company</a> as a serious competitor.
Still, China continues to play a vital role in Nvidia&#8217;s business. In 2024, the company earned $12 billion from the Chinese market—doubling Huawei's sales of its Ascend 910B AI chips.
Price Action: Nvidia shares jumped 18.72% on Wednesday but dipped 1.53% in after-hours trading, reaching $112.59 at the time of writing, per <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
According to Benzinga Edge Stock Rankings, Nvidia (NVDA) holds a strong growth rating of 94.83%. You can view the full comparison with other <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">companies by clicking here</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Jensen Huang Turned The Tide With Mar-A-Lago Dinner? Trump Administration Reportedly Backs Down On H20 Chip China Export Restrictions

On Friday, China&#8217;s finance ministry announced a 34%&nbsp;tariff on all goods imported&nbsp;from the U.S., effective April 10, in response to the U.S. administration&#8217;s 54% duties imposed by the Trump-led administration during the so-called <a target="_blank" href="https://www.benzinga.com/topic/tariffs" rel="noreferrer noopener">Liberation Day last week</a>.
Trump has&nbsp;threatened to impose an additional 50% duty&nbsp;on Chinese imports if Beijing does not <a target="_blank" href="https://www.benzinga.com/news/global/25/04/44679330/will-trump-impose-higher-tariffs-on-china-crypto-bettors-now-see-an-80-possibility" rel="noreferrer noopener">drop the 34% tariffs</a>.
On Monday, Trump hinted at more openness in trade negotiations with China after threatening to impose a 50% tariff on top of the 54% already levied.
&#8220;China also wants to make a deal badly, but they don&#8217;t know how to get it started,&#8221; <a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/25/04/44686417/wall-street-soars-as-trump-teases-trade-deals-magnificent-seven-add-over-500-billion-in-market-value" rel="noreferrer noopener">Trump wrote</a>.
Wedbush analyst Daniel Ives writes that &#8220;saying we can just make this in the USA&#8221; understates how complex the supply chain in Asia really is—and how electronics, chips, semiconductors, hardware, and smartphones have been built for U.S. consumers over the past 30 years.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/25/04/44686417/wall-street-soars-as-trump-teases-trade-deals-magnificent-seven-add-over-500-billion-in-market-value" rel="noreferrer noopener">Wall Street Soars As Trump Teases Trade Deals, Magnificent 7 Add Over $500 Billion In Market Value</a>
&#8220;The reason I believe this is the biggest debacle ever seen in the markets is because its purely self-inflicted by Trump, and the logic about &#8220;near-term pain&#8221; is being way miscalculated, which speaks to our concern. It&#8217;s very easy to say &#8220;build in America&#8221; behind a microphone in the Beltway&#8230;the reality is so much different it&#8217;s almost a scary concept,&#8221; says Daniel Ives.
For U.S. tech/auto companies, tariffs are like flipping a boat with no life rafts.
The list of vulnerable companies is long and includes Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), among others.
Building a factory in the U.S. takes four to five years. The analyst explains that high labor costs and other expenses in the U.S. don&#8217;t align with how modern supply chains are designed to operate. This makes it hard to compete with Chinese tech giants like BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), Huawei, Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), Tencent Holdings Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCTZF#OTC">TCTZF</a>)—and many others—a big opportunity to expand their global reach.
Also, much of the key technology and intellectual property behind these supply chains is already deeply rooted in Asia. So, any effort to shift production to the U.S. would take at least a decade to make a real impact, Wedbush analyst writes.
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Trump Tariff Strategy Creates 'Self-Inflicted Market Debacle': Analyst

Chinese tech giants ByteDance, Alibaba Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), and Tencent Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) have reportedly placed over $16 billion in orders for Nvidia Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) H20 server chips in the first quarter of 2025.
What Happened: ByteDance, Alibaba, and Tencent are collectively investing billions in Nvidia's H20 server chips, the most advanced AI processor legally available in China under <a href="https://in.benzinga.com/news/25/03/44102063/china-strikes-back-at-trumps-tariffs-with-retaliatory-duties-us-company-sanctions-and-wto-showdown">U.S. export restrictions</a>, reported Reuters (<a href="https://www.theinformation.com/articles/nvidia-faces-dilemma-chinese-firms-rush-order-16-billion-new-ai-chips">via</a> The Information).
The surge in orders comes after the rise of DeepSeek, a Chinese AI startup known for its affordable AI models that have contributed to the high demand for Nvidia&#8217;s H20 chips.
See Also: <a href="https://www.benzinga.com/news/legal/25/04/44620411/mark-zuckerberg-led-meta-set-to-face-truth-at-senate-hearing-over-china-operations-and-communist-party-censorship-efforts">Mark Zuckerberg-Led Meta Set To Face &#8216;Truth&#8217; At Senate Hearing Over China Operations And Communist Party Censorship Efforts</a>
In January 2025, DeepSeek's AI marvel <a href="https://www.benzinga.com/25/01/43232316/deepseek-jitters-shatter-us-tech-stocks-wipe-out-12-trillion-on-wall-street-analyst-eyes-four-chinese-giants-set-to-benefit">triggered a major selloff</a> in U.S. tech stocks, causing Nvidia's market value to plunge by $593 billion.
The H20 chips, which were launched after the latest round of U.S. export controls in October 2023, are critical for Chinese firms striving to advance their AI capabilities.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Last month, reports indicated that Chinese companies were grappling with <a href="https://in.benzinga.com/25/03/44519562/nvidia-faces-fresh-china-setback-as-chip-shortages-and-sanctions-disrupt-supply">chip shortages due to U.S. sanctions</a>. H3C, a key server manufacturer, highlighted the depletion of Nvidia&#8217;s H20 chip inventory, raising concerns about supply chain disruptions.
Chinese firms are exploring alternatives to reduce reliance on Nvidia. In March, Qingcheng.AI introduced &#8220;Chitu,&#8221; a framework designed to operate on Chinese-made chips, aiming for technological self-sufficiency.
Huawei Technologies has also been advancing <a href="https://in.benzinga.com/media/25/03/44488569/chinas-huawei-reportedly-doubles-ai-chip-yields-to-40-now-nvidia-ceo-jensen-huang-warns-that-the-chinese-tech-giant-is-the-most-formidable-competitor-despite-us-sanctions">its AI chip capabilities</a>, with Nvidia CEO Jensen Huang acknowledging the company's competitive edge.
Despite these challenges, China remains a crucial market for Nvidia, contributing significantly to its revenue. In 2024, Nvidia generated $12 billion in revenue from China, selling twice as many AI chips as Huawei's Ascend 910B.
Price Action: Nvidia's stock has declined 20.16% year-to-date, but over the past 12 months, it has gained 24.12%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Benzinga Edge Stock Rankings gives Nvidia (NVDA) a 94.90% growth rating. If you are interested in seeing how it stacks up against other companies, <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">click here for the full analysis</a>.
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Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

ByteDance, Alibaba, And Tencent Order $16 Billion Worth Of Nvidia's H20 Chips As Demand Surges For DeepSeek's Low-Cost AI Models: Report

Ubisoft Entertainment SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UBSFF#OTC">UBSFF</a>) is making a major shift in its business structure by launching a separate <a target="_blank" href="https://staticctf.ubisoft.com/8aefmxkxpxwl/1uPFqvuRRej3UoemTIgVLH/8e0cf5b6601e9394e5dae919d89e84f4/2025.03.27_-_Press_Release_vfinal.pdf" rel="noreferrer noopener">entity </a>centered around its leading gaming franchises, such as Assassin&#8217;s Creed, Far Cry, and Tom Clancy&#8217;s Rainbow Six.
This initiative, announced on Thursday, aligns with the company&#8217;s larger strategic overhaul, designed to enhance flexibility and sharpen its operational focus.
Tencent Holdings Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) has committed 1.16 billion euros ($1.25 billion) to the newly established subsidiary, securing a minority ownership position.
The deal assigns the entity a valuation of roughly 4 billion euros, highlighting the significant market appeal of Ubisoft&#8217;s intellectual property.
Ubisoft&#8217;s Board of Directors unanimously approved the deal after determining it offered the best value for the company&#8217;s assets.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/contracts/25/03/44532830/rocket-lab-joins-us-space-forces-5-6-billion-launch-program-stock-soars" rel="noreferrer noopener">Rocket Lab Joins US Space Force&#8217;s $5.6 Billion Launch Program; Stock Soars</a>
Through this reorganization, Ubisoft plans to transform its leading game franchises into enduring, multi-platform ecosystems.
&#8220;As we accelerate the company&#8217;s transformation, this is a foundational step in changing Ubisoft&#8217;s operating model that will enable us to be both agile and ambitious. We are focused on building strong game ecosystems designed to become evergreen, growing high-performing brands and creating new IPs powered by cutting-edge and emerging technologies,&#8221; said Co-Founder and CEO Yves Guillemot.
The new subsidiary will benefit from greater financial backing and creative capabilities, enabling richer single-player narratives, broader multiplayer experiences, free-to-play access points, and improved social features within its games.
By establishing this new subsidiary, Ubisoft seeks to bolster its financial position by substantially lowering its net debt and driving the expansion of its most successful titles.
The company will also remain committed to developing franchises such as Tom Clancy&#8217;s Ghost Recon and The Division, while exploring innovative technologies for upcoming intellectual properties.
The new entity, headquartered in France, will remain under Ubisoft&#8217;s full control, with Tencent holding an approximate 25% economic interest. The deal is expected to close before the end of 2025, pending regulatory approvals.
In addition to its minority investment, Tencent will receive certain rights, including a five-year lock-up period on its shares, a right of first refusal, and a put option in case of a change of control at Ubisoft.
Price Action: UBSFF shares closed higher by 9.39% at $15.79 on Thursday.
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Assassin's Creed Maker Ubisoft's Gaming Subsidiary Secures $1.25 Billion Tencent Backing In Major Deal

<a target="_blank" href="https://www.benzinga.com/topic/semiconductors" rel="noreferrer noopener">Chinese semiconductor companies</a> continue to face the Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) chip crisis amid Washington&#8217;s semiconductor sanctions on China.
Chinese server maker H3C highlighted a possible Nvidia H20 chip crisis to Reuters, adding that current inventory was nearly depleted.
H3C told Reuters that supply plans beyond April 20 also face uncertainties from raw material policy changes, shipping disruptions, and production challenges.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/03/44511372/alibaba-strikes-back-new-ai-model-takes-on-deepseek-amid-1-trillion-tech-shakeup" rel="noreferrer noopener">Alibaba Strikes Back With New AI Model To Rival DeepSeek In China</a>
The Chinese server maker told Reuters it would distribute incoming H20 chips, prioritizing long-term customers with higher profit margins on their orders.
H3C attributed the crisis to geopolitical tension and said new shipments were expected by mid-April 2025.
Chinese AI startup DeepSeek&#8217;s cost-effective AI models have triggered demand for H20 chips. Tencent Holding (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>), Alibaba&nbsp;Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), and ByteDance ramped up orders&nbsp;of the H20 since DeepSeek emerged.
H3C is a major OEM partner for Nvidia&#8217;s AI chips in China. Reportedly, <a target="_blank" href="https://www.benzinga.com/25/03/44493961/nvidia-faces-17-billion-threat-in-china-as-chip-rules-tighten-and-huawei-gains-ground" rel="noreferrer noopener">China urged firms</a> like Alibaba and Tencent to avoid Nvidia chips, while Huawei&nbsp;Technologies Co doubled the yield rate of AI chips.
China has also introduced <a target="_blank" href="https://www.benzinga.com/25/03/44493961/nvidia-faces-17-billion-threat-in-china-as-chip-rules-tighten-and-huawei-gains-ground" rel="noreferrer noopener">energy efficiency rules</a> for using advanced chips that would prevent Chinese companies from buying Nvidia&#8217;s tailor-made processors. Reportedly, Nvidia&#8217;s tailor-made chip for China, H20, failed to comply with China&#8217;s National Development and Reform Commission&#8217;s new rules.
Price Action: NVDA stock is down 0.98% at $112.68 at the last check on Thursday.
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Photo courtesy of Nvidia

Asia

Emerging Markets

Nvidia Faces Fresh China Setback As Chip Shortages And Sanctions Disrupt Supply

Jim Cramer has criticized potential restrictions on Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) in China, dismissing reports of regulatory challenges as &#8220;pathetic.&#8221; 
What Happened: In a recent post on X, Cramer challenged the logic of limiting access to Nvidia&#8217;s advanced chips, asking, &#8220;Like China would ban the best of the best? Really?&#8221;
The criticism comes amid emerging tensions between the United States and China in the semiconductor technology sector. China&#8217;s National Development and Reform Commission has introduced new energy efficiency rules that could potentially block Chinese companies from purchasing Nvidia&#8217;s <a href="https://www.benzinga.com/25/03/44493961/nvidia-faces-17-billion-threat-in-china-as-chip-rules-tighten-and-huawei-gains-ground">specialized H20 processors</a>.
Cramer acknowledged the mounting challenges Nvidia faces but expressed confidence in CEO Jensen Huang's ability to steer the company through them successfully.
The Financial Times reported that these regulations may prevent major Chinese tech firms like Alibaba Group Holding Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NASDAQ">BABA</a>) and Tencent Holdings Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#NASDAQ">TCEHY</a>) from using Nvidia&#8217;s chips. This move threatens Nvidia&#8217;s $17 billion annual business in China, <a href="https://www.benzinga.com/25/03/44493961/nvidia-faces-17-billion-threat-in-china-as-chip-rules-tighten-and-huawei-gains-ground">currently its fourth-largest market</a>.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Like every day, the Long Knives are out again for Nvdia. Today&#39;s bear: <a href="https://t.co/5SGVUbebYJ">https://t.co/5SGVUbebYJ</a> says that Nvidia&#39;s chips violate Chinese environmental rules. Pathetic&#8230;
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1904829001786364146?ref_src=twsrc%5Etfw">March 26, 2025</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The forces against Nvidia are legion. But Jensen can handle it. The world, including china, needs more compute. You can&#39;t do it without Nvidia. Like China would ban the best of the best? Really?
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1904852538974777357?ref_src=twsrc%5Etfw">March 26, 2025</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yeah, and the Chinese have WHAT to replace Nvidia chips? And the new chips are the least hot. Makes me laugh how these stories come out. Sure the country that builds endless amounts of coal plants is going to cut its nose off to spite its face? Just plain dumb
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1904852224846540956?ref_src=twsrc%5Etfw">March 26, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/markets/equities/25/03/44506717/trumps-25-auto-tariff-raises-will-cast-shadow-on-interest-rates-says-economist-tesla-investor-gary-black-says-president-found-further-ways-to-push-the-economy-into-recession-today">Trump&#8217;s 25% Auto Tariff Raises Will Put Pressure On Interest Rates, Says Economist — Tesla Investor Gary Black Says President Found &#8216;Further Ways To Push The Economy Into Recession Today&#8217;</a>
Why It Matters: Cramer emphasized the critical nature of Nvidia&#8217;s technology, stating, &#8220;The world, including China, needs more compute. You can&#8217;t do it without Nvidia.&#8221; He further questioned China&#8217;s ability to replace Nvidia&#8217;s advanced chips, suggesting the restrictions would be counterproductive. 
Nvidia remains resilient, with plans to meet with commission chair Zheng Shanjie and develop solutions to align with the new regulations. The company&#8217;s recent financial performance underscores its strong market position, with fourth-quarter revenue reaching $39.3 billion, a 78% increase, and projecting <a href="https://www.benzinga.com/25/03/44493961/nvidia-faces-17-billion-threat-in-china-as-chip-rules-tighten-and-huawei-gains-ground">first-quarter revenue of $43.0 billion</a>.
As domestic competitors like Huawei Technologies Co. advance their AI chip capabilities, the semiconductor landscape continues to evolve in this high-stakes technological chess match between global powers.
Price Action: Nvidia traded at $113.76 on Wednesday, down 5.74%, and slipped further to $112.21 in after-hours trading, down 1.36%. 
While Nvidia outperforms Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) in growth and momentum, it lags in valuation metrics, according to <a href="https://www.benzinga.com/quote/NVDA">Benzinga Edge</a> rankings. For deeper insights, <a href="https://www.benzinga.com/screener/top-momentum-stocks">sign up for Benzinga Edge</a>.
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INTC

Jim Cramer Calls China's Nvidia Restrictions 'Pathetic,' Says Jensen Huang Can Handle The Pressure

Geopolitical tensions between Washington and Beijing continue to intensify regarding access to <a target="_blank" href="https://www.benzinga.com/topic/artificial-intelligence" rel="noreferrer noopener">artificial intelligence and</a> other advanced semiconductor technology.
The U.S. had imposed multiple semiconductor embargoes on China, restricting the latter&#8217;s exposure to cutting-edge technology from Nvidia Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>). The move is followed by China&#8217;s retaliation.
China has introduced energy efficiency rules for using advanced chips that would prevent Chinese companies from buying Nvidia&#8217;s tweaked processors, the Financial Times <a target="_blank" href="https://www.ft.com/content/6a2c54fe-e2b7-4c58-907d-68076456d907" rel="noreferrer noopener">reported</a>, citing documents they reviewed.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/regulations/25/02/44006332/nvidia-faces-new-ai-chip-challenge-as-huawei-gains-ground-in-china-despite-us-sanctions" rel="noreferrer noopener">Nvidia Faces New AI Chip Challenge As Huawei Gains Ground In China Despite US Sanctions</a>
China&#8217;s National Development and Reform Commission urged Chinese groups to use tailor-made chips in new data centers and expansion of existing facilities.
According to the report, Nvidia&#8217;s tailor-made chip for China, H20, failed to comply with the commission&#8217;s new rules.
Reportedly, the Chinese regulator has passively urged Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), ByteDance, and Tencent Holding (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) against procuring H20 chips, signifying a threat to Nvidia&#8217;s $17 billion annual business in the country. China is Nvidia&#8217;s fourth-largest market.
Reportedly, Nvidia is eying a meeting between its senior executives and commission chair Zheng Shanjie. Also, Nvidia is ready with a solution to adjust H20 chips to meet the NDRC norms.
Tech powerhouses from Alibaba to Tencent aggressively ramped up their orders for H20 chips this year after DeepSeek launched its efficient reasoning model.
Reportedly, Huawei Technologies Co <a target="_blank" href="https://www.benzinga.com/media/25/03/44488569/chinas-huawei-reportedly-doubles-ai-chip-yields-to-40-now-nvidia-ceo-jensen-huang-warns-that-the-chinese-tech-giant-is-the-most-formidable-competitor-despite-us-sanctions" rel="noreferrer noopener">doubled the yield rate</a> on its latest AI chips from around 20% a year ago to&nbsp;~40% now. Huawei&#8217;s revenue grew by 22% in 2024, reaching 860 billion yuan ($118.27 billion).
In February, Nvidia reported <a target="_blank" href="https://www.benzinga.com/news/earnings/25/02/43991607/nvidia-q4-earnings-highlights-revenue-beat-eps-beat-demand-for-blackwell-is-amazing" rel="noreferrer noopener">fourth-quarter revenue</a> of $39.3 billion, up 78%, beating a Street consensus estimate of $38.05 billion.
Nvidia expects first-quarter revenue of $43.0 billion, +/—2%, ahead of a street consensus estimate of $41.75 billion.
Price Action: NVDA stock is down 1.83% at $118.47 premarket at last check Wednesday.
Also Read:
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<li><a href="https://www.benzinga.com/government/regulations/25/03/44330619/tesla-bets-on-low-cost-evs-in-china-after-february-sales-hit-two-year-low" target="_blank" rel="noreferrer noopener">Tesla Bets On Low-Cost EVs in China After February Sales Hit Two-Year Low</a></li>
</ul>
Photo by fukomuffin on Shutterstock

Movers

In Geopolitical Chess, China's Latest Energy Norms Block Nvidia's Chip Strategy Amid US Sanctions

Perhaps predictably, President Donald Trump's <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44456554/trade-wars-fed-moves-and-a-40-recession-risk-is-your-portfolio-ready">tariffs and subsequent trade wars</a> against key economic partners contributed to a dour environment for consumers. However, it wouldn't be accurate to pin the blame on any one administration. With the fear trade running at full steam – as evidenced by the <a href="https://www.benzinga.com/partner/etfs/25/03/44434209/gold-is-hitting-new-highs-but-miners-have-catch-up-potential-sprotts-new-actively-managed-etf-seeks">blistering rise of gold</a> – it's apparent that the underlying challenges go beyond mere politics.
As things stand, investors seeking growth find themselves at a difficult juncture. Nevertheless, some adventurous market participants are turning to China for potential opportunities for capital appreciation. To be fair, the world's second-largest economy has incurred its own troubles to kickstart sentiment. Last year, Beijing attempted to<a href="https://www.benzinga.com/markets/asia/25/01/43168134/is-chinas-economic-stimulus-strategy-helping-its-ailing-markets-to-recover"> kickstart its growth engine with stimulus packages</a> to mixed results.
Nevertheless, Chinese leader Xi Jinping has expressed optimism about the Asian juggernaut's recovery prospects. Last December, Xi announced in a keynote speech that the Chinese economy was<a href="https://www.atlanticcouncil.org/blogs/new-atlanticist/how-long-xi-trying-boost-chinas-economy-stimulus-not-reforms/"> both stable and making progress</a>. Furthermore, he stressed that economic, social and development goals and tasks were on course for successful implementation.
Xi's comments at the time were met with some reservations. While Morgan Stanley analysts noted the administration's commitment to stimulus – a tone that has been the most aggressive on the matter in a decade – they also acknowledged that execution may be a challenge.
Still, recent developments suggest that the China trade may hold a spark of credibility. Specifically, the<a href="https://www.benzinga.com/government/regulations/25/03/44476803/copper-breaks-records-on-china-stimulus-tariff-hype-these-stocks-are-riding-the-wave"> price of copper just blew past record highs</a>, thanks largely to stimulus optimism in China, and Beijing's efforts to drive growth are beginning to show in the actual data. This dynamic has positive implications for multiple industries, which in turn bodes well for the nation's consumers.
The Direxion ETF: Adding to the enthusiasm, China's economic growth – while acknowledging the turbulence – is being underpinned by household consumption. With retail sales continuing to expand on a year-over-year basis, this backdrop shines a spotlight on the Direxion Daily CSI China Internet Index Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWEB#NYSE">CWEB</a>).
A leveraged exchange-traded fund, CWEB offers diversified exposure to China's most important internet businesses, including Tencent Holdings ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>), Alibaba Group Holding Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and JD.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>). With this ETF, speculators can wager on a basket of securities rather than an individual name.
An additional motivation to consider the China internet bull fund is the convenience factor. For speculators seeking leveraged bets, the options market tends to be the sole solution. With leveraged ETFs, however, investors can pick up shares (called units) much like buying equity in a public enterprise.
Despite the ease of buying leveraged ETFs, they do come with significant risks. Primarily, these financial instruments are much more volatile than traditional assets. Also, 2X ETFs are designed for exposure lasting no longer than one day. A hold longer than this recommended period may result in unpredictable performance relative to the underlying benchmark due to the daily compounding effect.
The CWEB ETF: While a choppy fund, the Direxion Daily CSI China ETF has been a strong performer overall in the past 52 weeks, gaining over 49%.
<ul>
<li>Presently, the leveraged bull fund is trading above its 50-day and 200-day moving averages, demonstrating robust momentum.</li>
<li>Between December and late February, CWEB charted a pattern reminiscent of a cup and handle, culminating in significant upside.</li>
<li>It's possible that the choppy behavior since mid-February could be a consolidation cycle, building momentum prior to another big move.</li>
</ul>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXejkzAyYcln0C3vYhuEAOPRRGHbzi4MP_xCUKg8Amnn1XMxUL9bnsR8UINwVUnWAXJQwTtThLxyF0mqez2zXk9UsrgN4dan29CTFRhSWmrFa228LCtLvuwOMfQtkE0jtSUzWnEqaQ?key=PYpO6SSukKlb3tzVdwnpEWyq" alt="" /></figure>
Featured photo by <a href="https://pixabay.com/users/756crystal-5743046/">756crystal</a> on <a href="https://pixabay.com/photos/river-waterfront-shanghai-china-7187070/">Pixabay</a>.

Long Ideas

Short Ideas

Technicals

Trading Ideas

ETFs

CWEB

Direxion's China-Focused CWEB ETF In Spotlight Amid Challenging Environment

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="500" height="280" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/03/20064115/DouYu-0320.png" alt="" class="wp-image-8357" style="width:920px;height:auto" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/03/20064115/DouYu-0320.png 500w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/03/20064115/DouYu-0320-300x168.png 300w" sizes="(max-width: 500px) 100vw, 500px" /></figure>
The company's stock jumped 17% after it reported strong progress in moving beyond its legacy livestream gaming business, even as its quarterly loss swelled
<h4 class="wp-block-heading">Key Takeaways:</h4>
<ul>
<li>DouYu's fourth-quarter revenue sank by 12% and its net loss more than doubled as its monthly average users fell 14% to 44.5 million</li>
<li>The company's revenue from advertising and other sources rose 63.6% last year to make up 28% of its revenue as it diversifies from its original livestream gaming business</li>
</ul>
Its name means "fighting fish," and these days&nbsp;DouYu International Holdings Ltd.&nbsp;(DOYU.US) may indeed be fighting a battle for survival as its livestreaming business that once lifted it to fame slips away. Its&nbsp;<a href="https://www.prnewswire.com/news-releases/dou-yu-international-holdings-limited-reports-fourth-quarter-and-full-year-2024-unaudited-financial-results-302401832.html">latest quarterly results</a>&nbsp;released last week showed continuing declines in revenue during the fourth quarter, extending a string of declines dogging the company for the last four years. At the same time, its quarterly loss more than doubled, as the company fell into the red for the year.
But investors took heart in the company's progress toward diversifying away from livestream gaming, which has come under pressure from stiff competition and government clampdowns to limit online time by minors. Some may also be betting DouYu's days as a standalone company could be numbered as it becomes a potential merger or acquisition target, which would likely see it sold at a premium to its current share price.
Co-CEO Ren Simin said on the company's earnings call that DouYu plans to allocate more resources to its newer businesses this year. "Our strategy is not about contraction, it's about reallocating our resources from inefficient initiatives to high-value business segments," she said.
While building up those business is a longer-term goal, reversing the company's sliding revenue – which has been contracting since 2021 – is a more immediate objective. That slide continued in the fourth quarter, as the company's revenue fell 12.3% to 1.14 billion yuan ($156 million) from 1.3 billion yuan a year earlier. Its net loss widened to 163.7 million yuan from a loss of 62.2 million yuan in the same quarter of 2023.
Average mobile monthly active users (MAU) fell 14% year-on-year during the quarter to 44.5 million. But in an encouraging sign, the latest figure was up 5.9% from the previously quarter. Average paying users also fell year-on-year in the fourth quarter from 3.7 million in 2023 to 3.3 million in the latest period.
The company is trying to restart its growth by focusing on its "other businesses," which include advertising, voice based social networking and game membership services. Revenue from that segment rose 47.2% year-on-year to 405 million yuan in the fourth quarter, and the figure grew by 63.6% for the year to 1.2 billion yuan.
Investors seemed to focus on the strong gains in DouYu's diversification drive, with shares leaping 17% in the two trading days after the announcement. But other factors were also likely at work behind the rally.
One clue was a 35% drop in the company's cash from 6.86 billion yuan at the end of 2023 to 4.47 billion yuan at the end of 2024. Officials said on the earnings call that Douyu spent $620 million on dividends and share buybacks since the start of 2024, including its latest cash dividend in January this year. Vice president of finance Cao Hao said that the company's cash reserves were sufficient to re-allocate resources to its growing businesses and manage business fluctuations, while "substantially" reducing net losses.
That seems to indicate DouYu is prioritizing shareholders and share price stability while accepting the inevitable rise of larger competitors, particularly Douyin, the Chinese version of TikTok.
<h4 class="wp-block-heading">M&amp;A coming?</h4>
Investor enthusiasm may also owe to renewed expectation for a potential privatization or purchase of the company by a larger rival, which would likely include a premium to the company's current share price. One potential buyer could be leading game company&nbsp;Tencent&nbsp;(0700.HK), which is already a major DouYu stakeholder with 38% of the company's shares.
Tencent has been buying up gaming assets lately, including video game studios from Douyin parent ByteDance, which has retreated from the sector. Some may be guessing that Tencent may also make bids to privatize DouYu and rival&nbsp;Huya&nbsp;(HUYA.US), which also counts Tencent as a major shareholder and whose situation is similar to DouYu's. Tencent previously tried to engineer a merger of DouYu and Huya, but that bid was ultimately vetoed by China's market regulator in 2021 on anti-trust grounds.
Similar to DouYu, Huya on Tuesday&nbsp;<a href="https://www.prnewswire.com/news-releases/huya-inc-reports-fourth-quarter-and-fiscal-year-2024-unaudited-financial-results-and-announces-dividend-plan-302404138.html">reported</a>&nbsp;a 2.3% year-over-year revenue decline during the fourth quarter to 1.5 billion yuan, while its net loss narrowed to 172.2 million yuan from a loss of 275 million yuan a year earlier. Like DouYu, Huya's livestreaming revenue is falling, dropping from 6.5 billion yuan for the full year in 2023 to 4.7 billion yuan last year.
While the original DouYu-Huya merger plan was squashed, the regulator might see things differently now as the livestream gaming industry suffers under the weight of government restrictions, competition from newer players like Douyin and weak consumer sentiment. Chinese media have reported such a merger may only be a matter of time, and Tencent's investment team met with senior executives from both companies last year to discuss such a plan.
While DouYu's and Huya's revenues from livestreaming have been shrinking, Douyin and&nbsp;Kuaishou&nbsp;(1024.HK) have been expanding fast in the livestreaming space. Kuaishou previously reported its third-quarter revenue rose by 11.4% to 31.1 billion yuan year-on-year, and its profit was up 49.9% to 2.1 billion yuan.
One other data point supporting prospects for a DouYu-Huya merger or third-party acquisition of one or both, is recent signs of cooperation between the two platforms. These began last March with a simultaneous broadcast of a livestreamer's broadcast on "Honor of Kings," a popular game operated by Tencent, on DouYu, Huya and Tencent's own WeChat.
Any such merger involving Tencent would be easily affordable by Tencent, since it's quite cash rich and already owns 38% of DouYu as well as 50% of Huya. Based on DouYu's latest market cap of $265 million and Huya's $838 million, Tencent would need to pay $162 million for the rest of DouYu, and another $420 million for the rest of Huya, or about $580 million combined.
DouYu's current price-to-sales (P/S) ratio stands at just 0.44, well below Huya's 1.02, making the company look undervalued. That may reflect the tepid view towards DouYu by the analyst community, with all five analysts polled by Yahoo Finance rating the company a "hold."

Opinion

DOYU

Is Tencent Interested in Buying DouYu?

Chinese gaming giant&nbsp;Tencent Holding Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) reported fiscal&nbsp;fourth-quarter&nbsp;<a target="_blank" href="https://static.www.tencent.com/uploads/2025/03/19/81cb1f36bec218d27d6e0b24eec012b6.pdf" rel="noreferrer noopener">2024 </a>results on Wednesday.
Revenue grew&nbsp;11%&nbsp;year-on-year to&nbsp;CNY172.4 billion&nbsp;($24.0 billion), quashing the&nbsp;analyst consensus estimate of&nbsp;CNY168.95 billion.
Combined, the MAU of Weixin and WeChat grew by&nbsp;3% Y/Y&nbsp;to 1.385 billion as of December 31, 2024.
Fee-based VAS registered subscriptions grew&nbsp;7%&nbsp;Y/Y&nbsp;to 262 million. Mobile device MAU of QQ fell&nbsp;5% Y/Y&nbsp;to 524 million as of December 31, 2024.
Revenues from VAS increased by&nbsp;14%&nbsp;Y/Y to&nbsp;CNY79.0 billion. International Games revenues were&nbsp;CNY16.0 billion, up&nbsp;15%&nbsp;Y/Y, due to strong performances from games including PUBG MOBILE&nbsp;and Brawl Stars along with the early access release of Path of Exile 2.
Domestic Games revenues increased by&nbsp;23%&nbsp;Y/Y to&nbsp;CNY33.2 billion, driven by games including VALORANT, Honour of Kings, Peacekeeper Elite, and DnF Mobile, along with contributions from newly released games, DnF Mobile and Delta Force.
Social Networks revenues rose by&nbsp;6%&nbsp;Y/Y to&nbsp;CNY29.8 billion, supported by growth in app-based game virtual item sales, music subscription revenues and Mini Games platform service fees.
Revenues from Marketing Services upped 17% Y/Y to CNY35.0 billion, aided by strong advertiser demand for Video Accounts, Mini Programs, and&nbsp;Weixin Search&nbsp;inventories.
Revenues from FinTech and Business Services upped 3%&nbsp;Y/Y to&nbsp;CNY56.1 billion on higher revenues from wealth management services and consumer loan services.
Gross profit climbed&nbsp;17%&nbsp;Y/Y to&nbsp;CNY90.7 billion ($12.6 billion) in the quarter, with margin expansion of&nbsp;53% from 50% a prior-year quarter.
Adjusted operating profit surged 21% Y/Y to CNY59.5 billion, with the margin expanding 2.8ppt Y/Y to 34.5%.
Adjusted net income attributable to equity holders increased 30% Y/Y to CNY55.3 billion ($7.7 billion). Adjusted EPS of CNY5.91 beat the CNY5.46 <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">analyst consensus estimate</a>.
As of December 31, 2024, Tencent had&nbsp;CNY415.4 billion ($57.8 billion)&nbsp;in cash and equivalents and generated&nbsp;CNY155.3 billion ($21.6 billion)&nbsp;in free cash flow.
In 2024, the company bought back around 307 million shares on the Hong Kong Stock Exchange for around HKD112.0 billion ($14.4 billion).
For 2025, Tencent plans to raise the annual dividend by 32% to HKD4.50 per share and repurchase at least HKD80 billion ($10 billion) worth of shares.
Ma Huateng, Chairman and CEO of Tencent, highlighted that AI-driven improvements to the advertising platform, increased engagement with Video Accounts, and growth in the core games led to achieved double-digit revenue growth while maintaining operational leverage in the quarter.
He further added that the company has restructured the AI teams to focus on both rapid product innovation and in-depth model research. They also ramped up AI-related capital investments, along with increased R&amp;D and marketing for AI-native products.
Price Action: TCEHY stock closed lower by 0.43% at $69.49 on Tuesday.
Also Read:
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<li><a href="https://www.benzinga.com/25/03/44281974/alibaba-grab-tencent-meituan-gear-up-for-growth-as-china-bets-on-services-to-revive-economy" target="_blank" rel="noreferrer noopener">Alibaba, Grab, Tencent, Meituan Gear Up For Growth As China Bets On Services To Revive Economy</a></li>
</ul>
Photo via Shutterstock.

Earnings

Tencent Q4 Earnings Soar: 30% Surge In Net Income, Strong Performance From Games And AI

Tencent Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) reported quarterly earnings of RMB5.91 per share which beat the analyst consensus estimate of RMB5.46 by 8.22 percent. This is a 33 percent increase over earnings of RMB4.44 per share from the same period last year. The company reported quarterly sales of RMB172.45 billion which beat the analyst consensus estimate of RMB168.95 billion by 2.07 percent. This is a 11.11 percent increase over sales of RMB155.20 billion the same period last year.

Earnings Beats

Tencent Holdings Q4 2024 Adj EPS RMB5.91 Beats RMB5.46 Estimate, Sales RMB172.45B Beat RMB168.95B Estimate

China&#8217;s <a href="https://www.benzinga.com/topic/china" target="_blank" rel="noreferrer noopener">Minister of Commerce</a> on Tuesday stated at the Third Session of the 14th National People&#8217;s Congress that consumption remains the primary driver of economic growth. Service consumption has maintained positive momentum, emerging as a new growth engine in overall consumption. 
Benchmark analyst Fawne Jiang noted that in 2024, the biggest highlight in consumption was the &#8220;trade-in&#8221; policy, which has generated new momentum, driving industrial upgrades and transformation.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/emerging-markets/25/03/44229408/alibaba-unveils-new-ai-chip-to-power-chinas-open-source-tech-push-challenge-us-chip-giants" rel="noreferrer noopener">Alibaba Unveils New AI Chip To Power China&#8217;s Open-Source Tech Push, Challenge US Chip Giants</a>
Jiang added that in 2025, the trade-in program will be expanded and upgraded, with broader subsidy coverage for more product categories. Actions will be taken to enhance the quality of service consumption, with a series of initiatives organized to promote service consumption.
The Minister of Commerce stated that the main issue with commodity consumption lies in softer consumer purchasing power and willingness, making it the primary challenge on the demand side. In contrast, the main challenge for service consumption is on the supply side, with an insufficient supply of high-quality services.
Meituan (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MPNGY#OTC">MPNGY</a>) CEO Wang Xing recently hosted an internal meeting with senior executives, highlighting a focus on food &amp; grocery retail, international expansion, and technology for the next decade, Jiang noted.&nbsp;&nbsp;
Alibaba Group Holding&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) Hema is reported to be continuing to expand Freshippo Stores, with a key focus on the Fresh offering, the analyst stated. It plans to open about 100 new stores and expand into dozens of new cities.
Alibaba&#8217;s Ele.me is said to be investing more than 1 billion yuan (about $140 million) to support merchants by offering discounted commission rates, special subsidies, exclusive traffic, digital operation services, hardware facilities, and AI technology capabilities.
Grab Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRAB#NASDAQ">GRAB</a>) is reportedly acquiring the supermarket chain Everrise in Malaysia to expand its grocery business further in one of its key markets. Grab plans to digitize Everrise&#8217;s operations and introduce on-demand grocery delivery services for its customers, Jiang said.
Alibaba has released an open-sourced new inference model, QwQ-32B. Leveraging large-scale reinforcement learning, QwQ-32B has achieved a breakthrough in mathematics, coding, and general capabilities, with overall performance comparable to DeepSeek-R1. Additionally, QwQ-32B significantly reduced deployment costs and can be locally deployed on consumer-grade GPUs.
Tencent Holding&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) Hunyuan has launched an image-to-video model and made it open-source for the public. Businesses and developers can apply for API access through Tencent Cloud.
Alibaba Cloud aims to encourage the adoption of generative AI foundational models among Japanese enterprises, offering tailored adjustments and customizations based on client needs, the analyst noted. The company plans to increase the number of Japanese projects utilizing Alibaba&#8217;s models to over 1,000 within three years.
Also Read:
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<li><a href="https://www.benzinga.com/25/03/44254562/deepseek-stays-free-founder-rejects-monetization-plans-new-reasoning-model-amid-alibaba-talks" target="_blank" rel="noreferrer noopener">DeepSeek Wants To Stay Free As Of Now, Founder Rejects Monetization</a></li>
</ul>
Photo: Shutterstock

GRAB

MPNGY

Alibaba, Grab, Tencent, Meituan Gear Up For Growth As China Bets On Services To Revive Economy

As China's AI race accelerates, the viral autonomous agent Manus AI has partnered with Alibaba Group Holding Ltd's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) Qwen team to develop a localized version tailored for Chinese users.
What Happened: Manus, which was developed by Tencent Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>)-backed startup The Butterfly Effect, announced the development on Tuesday, <a href="https://www.scmp.com/tech/big-tech/article/3301986/ai-agent-manus-partners-alibabas-qwen-develop-chinese-version">reported</a> the South China Morning Post.
The partnership aims to ensure all Manus features run on domestic models and infrastructure, though a specific launch date has not been disclosed.
See Also: <a href="https://www.benzinga.com/tech/25/03/44238979/palantir-cofounder-peter-thiel-might-write-a-book-about-ancient-prophecies-the-antichrist-and-armageddon-he-thinks-were-ignoring-the-real-threat">Palantir Cofounder Peter Thiel Might Write A Book About Ancient Prophecies, The Antichrist, And Armageddon— He Thinks We&#8217;re Ignoring The Real Threat</a>
A representative from Alibaba Cloud confirmed the collaboration to the publication, saying both companies are working on open-source models and looking to support broader AI innovation in China.
Why It's Important: Manus gained <a href="https://in.benzinga.com/media/25/03/44214424/move-over-deepseek-not-so-fast-chinas-manus-ai-goes-viral-but-early-users-say-it-crashes-loops-and-fumbles-the-basics">global attention last week</a> after its invitation-only web preview showcased its ability to perform complex tasks.
A day after the launch of Manus AI Agent, Alibaba also introduced its latest AI reasoning model, saying that it outperforms competing models from OpenAI and DeepSeek.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Manus AI agent, which builds on models such as Anthropic's Claude and fine-tuned versions of Alibaba's Qwen, is now being compared to <a href="https://in.benzinga.com/markets/equities/25/03/44103985/74-of-deepseeks-output-mimics-openais-chatgpt-new-study-reveals-it-does-raise-questions-about-its-development">Chinese AI frontrunner</a> DeepSeek.
Moreover, Alibaba's Qwen models, open-sourced since August 2023, have powered more than 90,000 derivative models worldwide, according to data from Hugging Face, an AI and machine-learning developer platform.
Alibaba&#8217;s wholesale marketplace arm has also set an ambitious goal for full AI adoption by <a href="https://www.benzinga.com/markets/25/03/44241563/alibabas-wholesale-marketplace-arm-sets-ambitious-goal-for-full-ai-adoption-by-merchants-in-2025">merchants by the end of 2025</a>.
Price Action: Alibaba shares have climbed 63.65% year-to-date. On Tuesday, the stock rose 4.789% to $139.02 during the regular session and added another 0.97% afterward, <a href="http://pro.benzinga.com/">according to Benzinga Pro</a>.
Photo Courtesy: Tada Images on Shutterstock.com
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

China's Viral AI Agent Manus Taps Alibaba's Qwen For Local Expansion: What You Need To Know

As Wall Street grapples with volatility and recession fears, <a href="https://www.benzinga.com/topic/china">China's stock market</a> is on a tear. While the S&amp;P 500 index is down over 4.6% year-to-date, three China-based stocks have surged more than 50%, fueled by AI investments and shifting investor sentiment.
<h1 class="wp-block-heading">China's AI Boom Powers A Market Comeback</h1>
Citi recently revised its stance on U.S. stocks to Neutral from Overweight, citing economic slowdown concerns, <a href="https://www.businessworld.in/article/citi-downgrades-us-stocks-upgrades-china-550472">reported</a> Business World. Meanwhile, the firm upgraded China's rating to Overweight, adjusting its GDP growth forecast to 4.7% from 4.5%, thanks to heightened AI-driven investments.
Goldman Sachs echoed this sentiment, as <a href="https://markets.businessinsider.com/news/stocks/us-stock-market-volatility-china-rally-tariffs-deepseek-goldman-sachs-2025-3">reported</a> by Markets Insider, noting that China&#8217;s technology industry remains undervalued compared to global peers.
The MSCI China Index gained 20% YTD, its best start to a year ever. Analysts at Goldman Sachs highlighted that global mutual funds, which had largely stayed away from Chinese equities, are now reconsidering their stance. If institutional investors increase their allocation by just 1%, it could drive an estimated $8 billion in net buying.
Read Also: <a href="https://www.benzinga.com/news/global/25/03/44235317/trump-xi-discuss-potential-birthday-summit-amid-rising-trade-tensions-report">Trump, Xi Discuss Potential &#8216;Birthday Summit&#8217; Amid Rising Trade Tensions: Report</a>
<h1 class="wp-block-heading">These 3 Stocks Are Leading China's Market Rally</h1>
Interestingly, three of 10 stocks (of market cap $2 billion and above) that have delivered the highest returns YTD, are from China:
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>No.</td>
<td>Ticker</td>
<td>Company</td>
<td>Perf YTD (as of 2 p.m. ET, March 11)</td>
<td>Country</td>
</tr>
<tr>
<td>1</td>
<td>VNET</td>
<td>VNET Group Inc</td>
<td>132.41%</td>
<td>China</td>
</tr>
<tr>
<td>2</td>
<td>XPEV</td>
<td>Xpeng Inc</td>
<td>128.74%</td>
<td>China</td>
</tr>
<tr>
<td>3</td>
<td>TUYA</td>
<td>Tuya Inc</td>
<td>126.44%</td>
<td>China</td>
</tr>
<tr>
<td>4</td>
<td>HEES</td>
<td>H&amp;E Equipment Services, Inc.</td>
<td>94.17%</td>
<td>USA</td>
</tr>
<tr>
<td>5</td>
<td>ROOT</td>
<td>Root Inc</td>
<td>91.13%</td>
<td>USA</td>
</tr>
<tr>
<td>6</td>
<td>KC</td>
<td>Kingsoft Cloud Holdings Ltd</td>
<td>67.73%</td>
<td>China</td>
</tr>
<tr>
<td>7</td>
<td>HSAI</td>
<td>Hesai Group</td>
<td>44.73%</td>
<td>China</td>
</tr>
<tr>
<td>8</td>
<td>BABA</td>
<td>Alibaba Group Holding Ltd</td>
<td>62.70%</td>
<td>China</td>
</tr>
<tr>
<td>9</td>
<td>GDS</td>
<td>GDS Holdings Ltd</td>
<td>64.24%</td>
<td>China</td>
</tr>
<tr>
<td>10</td>
<td>ITCI</td>
<td>Intra-Cellular Therapies Inc</td>
<td>55.82%</td>
<td>USA</td>
</tr>
</tbody>
</table>
</figure>
Among the biggest winners in China's stock market rebound are:
<ol start="1">
<li>VNET Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VNET#NASDAQ">VNET</a>): Up 132.41% YTD, this data center services provider has capitalized on China's growing cloud and AI infrastructure needs.</li>
<li>XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>): The EV maker soared 128.74% YTD, riding the wave of China&#8217;s push for AI-driven autonomous driving.</li>
<li>Tuya Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TUYA#NYSE">TUYA</a>) – A major player in AIoT (Artificial Intelligence of Things), Tuya has climbed 126.44% YTD, benefiting from AI-driven automation trends.</li>
</ol>
<h1 class="wp-block-heading">Wall Street's Volatility Shifts Attention Eastward</h1>
While US stocks struggle, Chinese equities are benefiting from a shift in sentiment. The S&amp;P 500 has fallen below its 200-day moving average, and its market leaders are lagging, raising concerns about near-term performance. 
Citi's macro strategist Dirk Willer noted that while U.S. stocks might regain momentum when the AI surge resumes, short-term growth prospects appear weaker relative to global markets.
The Hang Seng Tech Index has surged 32% YTD, with major players like Alibaba Group Holdings Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABAF#NYSE">BABAF</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), Tencent Holdings (OTCPK: TCEHY) and Baidu Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) all posting double-digit gains.
Analysts believe China&#8217;s latest AI-driven tech breakthroughs could have staying power, making it a compelling play amid U.S. market jitters.
With Citi and Goldman Sachs pointing to China&#8217;s AI-driven resurgence, investors are taking a fresh look at Chinese stocks. While Wall Street navigates uncertainty, China's top-performing equities are proving hard to ignore.
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Photo: Shutterstock

ALIBABA GROUP HOLDING LTD by Alibaba Group Holding Limited

BABAF

BIDU

TUYA

VNET

XPEV

3 China Stocks Soaring Over 50% YTD — While The S&P 500 Sinks

DeepSeek founder Liang Wenfeng has rejected investor proposals to monetize his programs. Liang did not want to charge for DeepSeek's core AI models, which the company has open-sourced, the Wall Street Journal <a target="_blank" href="https://www.wsj.com/tech/ai/investors-want-a-piece-of-deepseek-its-founder-says-not-now-24e9f799" rel="noreferrer noopener">reported</a>, citing unnamed sources familiar with the matter.
DeepSeek aims to release its next reasoning, designed for solving complex problems by April, the report said.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/emerging-markets/25/03/44229408/alibaba-unveils-new-ai-chip-to-power-chinas-open-source-tech-push-challenge-us-chip-giants" rel="noreferrer noopener">Alibaba Unveils New AI Chip To Power China's Open-Source Tech Push, Challenge US Chip Giants</a>
Liang joined Chinese executives who&nbsp;met leader Xi Jinping&nbsp;on February 17. According to sources, the state-owned Bank of China has offered to grant the company a low-interest loan.
The sources indicated that executives from China's Tencent Holding (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) and&nbsp;Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) &nbsp;have recently met Liang to discuss potential cooperation.
The Chinese artificial intelligence startup founder snubbed prospective investors, citing his preference for retaining the science project ethos.
Sources familiar with the matter say Wenfeng&nbsp;feared that outsiders would interfere in DeepSeek's decisions.
He noted that Beijing's connection could make winning the global adoption of DeepSeek's AI models harder.
DeepSeek chatbot's popularity caused frequent service hiccups and drew global sanctions due to data security concerns.
The Trump administration <a target="_blank" href="https://www.benzinga.com/government/regulations/25/03/44201104/usa-targets-deepseek-weighs-restrictions-on-chinas-ai-firm-that-shook-nvidias-market-value-by-600-billion" rel="noreferrer noopener">is considering restricting</a> the Chinese&nbsp;artificial intelligence DeepSeek, including banning their chatbot from government devices.
Several U.S. allies, including Italy, South Korea, Australia, Canada, and Taiwan, have limited the use of DeepSeek. DeepSeek's handling of user data has sparked national security concerns.
When DeepSeek claimed that its <a target="_blank" href="https://www.benzinga.com/government/regulations/25/03/44201104/usa-targets-deepseek-weighs-restrictions-on-chinas-ai-firm-that-shook-nvidias-market-value-by-600-billion" rel="noreferrer noopener">AI model was</a> built at a fraction of the cost of its U.S. rivals, it led to Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) losing $600 billion in market cap in&nbsp;a single day. DeepSeek's AI model fueled a $1 trillion market wipeout.
Reportedly, the U.S. is probing DeepSeek for possible Nvidia chip embargo violations.
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Photo by Erlin Diah via Shutterstock

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