Wells Fargo said on Tuesday that the Trump administration’s decision to lift export restrictions on Nvidia’s H200 GPU shipments to China could soon be extended to competitors AMD and Intel.
Analyst Aaron Rakers described the policy shift as “an incremental positive,” noting that investors may view it as a potential $25–$30 billion annual revenue boost for Nvidia, with a possible earnings impact of $0.60–$0.70 per share.
The announcement, posted on Truth Social, stated that the U.S. had informed China’s President Xi that Washington would allow Nvidia to export its H200 chips into China. This move eases the restrictions that have blocked H20 chip sales since April.
Wells Fargo also pointed out that the approval does not include Nvidia’s Blackwell GPUs, although earlier reports suggested that the B30A might be eligible.
Nvidia previously disclosed that export controls reduced its revenue by roughly $4.6 billion in fiscal Q1 and $4.0 billion in fiscal Q2, with China historically accounting for 20–25% of its data center business.
The bank highlighted several unresolved issues, including how much additional production capacity Nvidia can allocate, how licenses for Chinese customers will be handled, whether written-down H20 inventory can be upgraded to H200, and how the required 25% government fee will be applied.
Importantly, Wells Fargo said the new policy also applies to AMD and Intel, meaning both companies could benefit.
AMD had already secured licenses for its MI308X chips, but the export restrictions resulted in a $700 million reduction in Q2 2025 revenue guidance and a $1.5 billion impact across 2025.
With the shift in policy, Wells Fargo expects AMD to receive approval for its higher-performance MI300X and MI325X accelerators, the latter rated at 20,919 TPP.
Given the strong demand for AI chips and loosening export barriers, Wells Fargo suggests that Nvidia may not be the only major beneficiary. AMD and Intel could soon experience similar growth tailwinds.
