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What the July 2025 announcement actually said
On July 14, 2025, NVIDIA said it was “filing applications to sell the NVIDIA H20 GPU again.” The next day, the Associated Press reported CEO Jensen Huang saying in Beijing that the U.S. government had approved the filing of licenses to start shipping H20s. Neither statement confirmed that export licenses had been issued, that China had approved sales, or that any GPUs had been delivered.
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The distinction matters: an announcement about applying for permission is not evidence of a completed shipment. NVIDIA’s July 2025 statement and the Associated Press report dated July 15, 2025 describe that licensing stage.
What happened after the applications
NVIDIA said the U.S. government informed it in April 2025 that a license was required for H20 exports to China, Hong Kong, Macau, specified D:5 countries, and companies headquartered or ultimately parented in those destinations. The requirement reduced demand and led NVIDIA to record a $4.5 billion charge associated with H20 excess inventory and purchase obligations in its fiscal 2026 first quarter.
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In its fiscal 2027 second-quarter Form 10-Q, published August 27, 2026, NVIDIA disclosed that the U.S. granted licenses in August 2025 for certain H20 products and customers based in China. The company also said the PRC government restricted sales and it was unable to sell its H20 inventory under those licenses. The filing therefore records U.S. licensing, but not a resumption of H20 deliveries to Chinese customers.
NVIDIA’s fiscal 2026 Form 10-K, published February 25, 2026, reported approximately $60 million in H20 revenue under the August 2025 licenses. That figure is company-reported revenue for the period described in the filing; it does not establish that broader shipments resumed or that deliveries continued afterward.
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How to distinguish a licensing update from a shipment restart
Reports about export controls can describe different steps in a process. A claim that shipments have resumed requires evidence beyond an application or a license announcement.
- Policy announcement or assurance: A government or company describes a change in policy or its expectations.
- License application: The exporter seeks permission to ship specified products to specified customers.
- License issuance and conditions: The relevant government grants permission, potentially subject to conditions.
- Destination-country approval or restriction: The importing country’s rules or actions may still affect a sale.
- Completed shipment or recognized sale: Evidence establishes that products were delivered or that a sale occurred.
In this case, the July 2025 news concerned applications. NVIDIA later disclosed U.S. licenses, but also said Chinese restrictions prevented sales of its H20 inventory under them. The cited disclosures do not verify a later restart.
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NVIDIA’s 2026 filing discusses H200 licensing and limited H200 shipments separately from H20. Developments involving H200 do not show that H20 shipments resumed. Any current claim should identify the chip model rather than treating the two products as interchangeable.
What is known about the reported 15% expectation
NVIDIA’s fiscal 2026 Form 10-K said U.S. officials expressed an expectation that the U.S. government would receive 15% or more of revenue from licensed product sales. NVIDIA also said no regulation codifying that expectation had been published. This is an expectation described in the company’s filing, not evidence of a published statutory or regulatory fee.
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Current status
As of October 4, 2026, the available cited evidence does not establish whether H20 shipments to China resumed after NVIDIA’s latest filing. The supported account is narrower: NVIDIA applied for licenses in July 2025; the U.S. granted certain licenses in August; Chinese government restrictions prevented the company from selling its H20 inventory under those licenses; and NVIDIA later reported approximately $60 million in H20 revenue under them. A newer direct disclosure would be needed to confirm a subsequent restart.
Primary company filings: NVIDIA fiscal 2027 second-quarter Form 10-Q, published August 27, 2026 and NVIDIA fiscal 2026 Form 10-K, published February 25, 2026.
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