TLDR
- Nvidia CEO Jensen Huang sold another $37 million worth of stock as part of a pre-planned sale program
- The company is set to resume H20 chip sales to China after receiving Trump administration assurances on export licenses
- Wall Street analysts project Nvidia could recoup $10-15 billion in revenue from China in the second half of the year
- Nvidia lost $2.5 billion in China sales in Q1 and projected $8 billion in losses for Q2 due to the April export ban
- The H20 chip ban in April was unexpected and sent shares tumbling before this week’s recovery to new record highs
Nvidia CEO Jensen Huang sold another 225,000 shares worth approximately $37 million, according to recent SEC filings. The sale represents part of a pre-planned trading program adopted in March allowing Huang to sell up to 6 million shares.
Since beginning stock sales this year, Huang has unloaded 1.2 million shares totaling about $190 million. Last year’s prearranged plan saw the CEO cash in more than $700 million in stock sales.
The latest sale comes as Nvidia shares hit new record highs following news the company will resume H20 chip sales to China. The Trump administration provided assurances that export licenses would be granted after an unexpected ban in April.
“The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon,” the company stated Tuesday. The announcement sent shares surging to fresh all-time highs.
Huang wasn’t the only insider selling shares. Board member Brooke Seawell also unloaded $16 million worth of stock during the same period.
Revenue Recovery Projections
Wall Street analysts at Stifel, Bernstein, and William Blair project Nvidia could recoup substantial revenue from resumed China sales. The firms estimate between $10-15 billion in revenue recovery during the second half of the year.
For fiscal 2026, analysts see China revenue potentially reaching $20 billion, up from roughly $17 billion in 2025. Stifel analyst Ruben Roy raised his price target to $202 from $180 following the China news.
Roy expects “likely an accelerated cadence of H20 ingestion from China customers” in the second half due to pent-up demand. However, he noted manufacturing capacity constraints at contract manufacturer TSMC could limit production.
Export Ban Impact
The April export ban caught markets off guard and sent Nvidia shares tumbling. China represents one of Nvidia’s most important markets behind only the US, Singapore, and Taiwan.
The country accounted for 13% of Nvidia’s revenue in fiscal 2025. However, DA Davidson analyst Gil Luria estimates Chinese companies actually represent 25-40% of end customers due to chip smuggling.
Nvidia lost $2.5 billion in China sales during the first quarter following the ban. The company also took a $4.5 billion inventory write-down and projected $8 billion in lost second-quarter sales.
The H20 chips are graphics processing units based on Nvidia’s prior-generation Hopper architecture. The company designed these lower-power chips specifically for the Chinese market to comply with earlier export restrictions.
Nvidia has repeatedly created new chip variants to navigate tightening US export controls. The US government has cited national security concerns over China’s AI development as justification for the restrictions.
CEO Jensen Huang estimates the China AI market is worth $50 billion. He spoke at a Beijing news conference Wednesday, expressing interest in selling more advanced chips to China beyond the H20 model.
The timing of the export license approval follows Huang’s second Beijing visit this year. He also met with Trump at the White House last week before the administration’s policy shift.
Bernstein analyst Stacy Rasgon welcomed the news, writing the firm was “glad to see NVDA able to compete at least somewhat in China.” He called the original H20 ban “unnecessary and somewhat nonsensical” given the chip’s already limited performance compared to Chinese alternatives.
The analyst noted the ban would have simply handed China’s AI market to Huawei while encouraging local ecosystem development. Nvidia shares closed Wednesday at $171.37, up 0.39% in regular trading.
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