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  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
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  "notes": "The slide discusses geopolitical risk and regulatory pressure on NVIDIA in China.",
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      "text": "NVIDIA's fine can be as much as 10% of its annual (most recently completed fiscal year) China sales.",
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      "text": "Even with the administration's support, NVIDIA's stable presence is far from assured in China. On September 15, 2025, Chinese antitrust regulators announced that NVIDIA was in violation of China's antitrust rules for a 2020 $7B acquisition of Israeli Mellanox Technologies, a networking products supplier. China originally approved the purchase on the condition that NVIDIA not discriminate against Chinese customers, but that condition was all but impossible to abide in the face of previous US export bans. No penalty has yet been announced but NVIDIA's fine can be as much as 10% of its annual (most recently completed fiscal year) China sales.",
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      "text": "The decision, too, comes at the same time China has been encouraging its domestic tech companies to not use the H20. So while, in the long term, China hopes to wean itself off American chips, in the short-term, China still does need NVIDIA - even though it is eager to show it does not.",
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      "text": "The timing of the announcement raises eyebrows as it came during US-China trade talks in Madrid. The immediate absence of any penalty to the preliminary ruling gives China potential leverage. Interestingly enough, Chinese antitrust authorities usually announce the fine at the same time as the ruling but may be holding back here to give trade-peace a chance.",
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      "text": "Chart: Jeronimo Gonzalez/Semafor Source: Company data via Bloomberg",
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