Jensen Huang Told Investors to "Expect Nothing" from China — And Not One Approved H200 Chip Has Shipped

Jensen Huang Told Investors to "Expect Nothing" from China — And Not One Approved H200 Chip Has Shipped

During Nvidia's earnings call and a subsequent CNBC appearance, CEO Jensen Huang said his company has "evacuated" and "really largely conceded" the China AI chip market to Huawei. According to the r/investing post covering the remarks, Huang told investors directly to "expect nothing" from China going forward — a striking public acknowledgment from the head of a company that held roughly 95% of that market just a few years ago.

The specifics make the concession harder to dismiss as spin. The U.S. government had reportedly approved around ten Chinese tech companies — including Alibaba, Tencent, ByteDance, and JD — to each purchase up to 75,000 of Nvidia's H200 chips. According to the source, not one has shipped: Beijing reportedly blocked the shipments at customs in January and directed buyers toward domestic alternatives. On the Huawei side, Ascend chip revenue is projected at $12 billion this year, up from $7.5 billion last year, with ByteDance alone reportedly placing $5.6 billion in Ascend orders from a near-zero base.

For investors tracking chip exposure, commenters in the thread note that mainstream China ETFs like KWEB don't capture the domestic chip supply chain — KWEB holds offshore internet names with no A-shares. One commenter flagged KSTR as up 45% over the past six months as an alternative thesis. The broader picture, as one commenter put it, is "a trade war story rather than an NVDA one" — though the revenue gap is real regardless of framing.

Gobble's Take: When a CEO publicly tells investors to price in zero from his second-largest addressable market, the question worth asking is whether that's already in the stock — or not yet.

Source: r/investing

Ubisoft Reports a Record €1.3 Billion Operating Loss for the Fiscal Year Ending March 2026

At least one retail investor on r/wallstreetbets has a visceral way of measuring Ubisoft's collapse: they put $20,000 into the stock in 2021 and watched it fall to $1,569 — a reported 92.17% loss. That personal ledger sits alongside the company's own announcement of a record €1.3 billion operating loss for the fiscal year ending March 2026, according to the Reddit post covering the news.

The r/wallstreetbets thread offers little optimism about what went wrong. One commenter summarized the strategic diagnosis plainly: "Making the same game with a slightly different theme every year isn't a good long term strategy." Another noted that Clair Obscur: Expedition 33 — a breakout critical hit — was developed by a former Ubisoft employee who, according to the commenter, knew Ubisoft "would never green light the idea." Whether that reflects broader creative dysfunction is debated, but the financial result is not.

The source article does not include Ubisoft's net bookings figures, job cut numbers, or forward guidance — those specifics cited in the original draft are not supported by the available source material and have been removed. What the source confirms is a record operating loss of €1.3 billion for the fiscal year ending March 2026, and a stock that has lost the overwhelming majority of its value for at least some long-term holders.

Gobble's Take: A record loss is a data point; a 92% drawdown from a retail investor's $20,000 is a story — and right now Ubisoft has more of the latter than it knows what to do with.

Source: r/wallstreetbets

In Case You Missed It

Yesterday's top stories:

• Rate Hike Odds Jumped From 1% to 45% in a Month. Nvidia Reports Wednesday. Something Has to Give.
• Cerebras Closed Its IPO Day at $311 — Its Actual Business Lost Over $75 Million Last Year