摩根大通：半导体行业 - 新限制措施影响英伟达 H20 和超微半导体（AMD）MI308 产品出货，地缘政治不确定性加剧；预计对 2025 自然年盈利影响 8 - 10%。

Semiconductors New Restrictions Impact Shipments of Nvidia's H20 And AMD's MI308 Solutions And Highlights Increasing Geopolitical Uncertainty; We Estimate 8-10% Impact to CY25 Earnings Tuesday after the market close, Nvidia put out an 8-k filing that stated that on April 9 th, the U.S. government (USG) imposed new license requirements for its H20 AI GPU products to China (including Hong Kong and Macau) and D:5 countries. Overall we have several key takeaways. First, the export control affects the H20 and it ...