Nvidia lost $5.5B in China, but don't blame Huawei

Let's look at two sets of data first. NVIDIA's revenue share from China dropped from 26.4% in FY2022 to around 9% in FY2026, a decline of over 65%. The ban on H20 chips led directly to a $5.5 billion inventory write-down, equivalent to wiping out the entire market cap of a mid-sized tech company in one go.