NVIDIA (NVDA) confirms it was granted a US licence in February to ship a small amount of H200 chips to China-based customers and H200 chips face 25% tariffs

• Still negotiating OpenAI investment, deal not finalised.
• FY2026 gross margin fell because of a USD 4.5bln write-off due to overstock and purchase commitments.
• CFO expects supply constraints for advanced architectures to continue.

NVIDIA's confirmation of receiving a US license to ship H200 chips to China is significant as it indicates a cautious approach to navigating US-China trade tensions, albeit within the constraints of a 25% tariff. The ongoing negotiations regarding OpenAI investment, combined with the CFO's warning about continued supply constraints, suggest a complex operational environment that may affect future margins and growth expectations. This could have implications for investor sentiment not only in NVIDIA but across related sectors, affecting stocks and currencies linked to tech and semiconductors.