build2 distinct publishers
H200s reach China at 2.5% of the order book, and Hong Kong holds the rest
ByteDance and Tencent each took about 10,000 Nvidia accelerators, but NDRC case-by-case approval keeps most of the licensed allowance offshore. Domestic silicon still runs the workloads.
Reality
- Evidence58
- Adoption34
- Hype gap+12
- Incentives72
- Confidence57