特朗普總統不斷上升的貿易政策破壞了全球半導體行業

唐納德·特朗普（Donald Trump）總統不斷升級的貿易政策以及最近禁止NVIDIA向中國出售先進的AI籌碼的NVIDIA在全球半導體行業造成了重大破壞。該動作可能會嚴重破壞AI和分散的物理基礎設施網絡（DEPIN）生態系統。

President Donald Trump’s escalating trade policies and the recent U.S. ban on NVIDIA selling advanced AI chips to China have begun to cause significant disruptions in the global semiconductor industry. This action could also disrupt the AI and Decentralized Physical Infrastructure Networks (DePIN) ecosystems.

唐納德·特朗普（Donald Trump）總統的貿易政策不斷升級，最近美國禁止向中國出售高級AI籌碼的NVIDIA已開始在全球半導體行業造成重大破壞。該動作還可能破壞AI和分散的物理基礎設施網絡（DEPIN）生態系統。

A Blow to the Semiconductor Supply Chain

對半導體供應鏈的打擊

Semiconductors, the backbone of modern technology, power everything from iPhones to military jets, BBC reports. These chips, invented in the U.S., are made in a complex global supply chain. Chips are often designed in the U.S., manufactured in Taiwan, Japan, or South Korea using rare earths mined in China, packaged in Vietnam, and assembled in China before being shipped globally.

英國廣播公司報導說，半導體是現代技術的骨幹，為從iPhone到軍事飛機的所有功能。這些在美國發明的芯片是在一個複雜的全球供應鏈中製成的。籌碼通常是在美國設計的，在台灣，日本或韓國製造，使用在中國開采的稀土，包裝在越南，並在中國聚集，然後在全球銷售之前。

But President Trump’s decision to block NVIDIA’s AI chip sales to China, particularly the H20 GPU, tailored for the Chinese market, is disrupting this delicate ecosystem.

但是，特朗普總統決定阻止NVIDIA對中國的AI芯片銷售，特別是為中國市場量身定制的H20 GPU，正在破壞這個微妙的生態系統。

The president has also imposed tariffs of 32% on Taiwanese GPUs and servers and 46% on Vietnamese-assembled components, increasing costs across the supply chain. These measures are part of a broader strategy to counter China’s technological rise and incentivize U.S. manufacturing. However, China has retaliated with a substantially high tariff on U.S. chipmakers, and restrictions on rare earth exports further exacerbate shortages, as the U.S. relies on China for 90% of these critical materials.

總統還對台灣GPU和服務器徵收了32％的關稅，對越南組裝的組件徵收了46％的關稅，從而提高了整個供應鏈的成本。這些措施是應對中國技術崛起並激勵美國製造業的更廣泛戰略的一部分。但是，中國對美國芯片製造商的關稅高度的報復，並且對稀土出口的限制進一步加劇了短缺，因為美國依靠中國的這些關鍵材料中有90％。

This trade war and barriers would lead to higher costs of semiconductor chips, directly affecting the related industries.

這場貿易戰和障礙將導致半導體芯片的成本更高，直接影響相關行業。

Immediate Impact on the Traditional AI Industry

對傳統AI行業的直接影響

The traditional AI industry, encompassing chipmakers and cloud providers, has been hit hard by the NVIDIA ban and associated tariffs, with significant stock market declines reflecting investor fears.

傳統的AI行業涵蓋了芯片製造商和雲提供商，受到NVIDIA禁令和相關關稅的嚴重打擊，股市大幅下降，反映出投資者擔心。

NVIDIA’s Stock Plunge

NVIDIA的股票投資

NVIDIA announced on April 15, 2025, that it would record a $5.5 billion charge in its fiscal first quarter ending April 27, 2025, due to U.S. restrictions on exporting H20 graphics processing units to China and other destinations, according to a press release by the company and CNBC. The charge covers inventory, purchase commitments, and related reserves for H20 chips, which generated an estimated $12 billion to $15 billion in revenue in 2024.

NVIDIA於2025年4月15日宣布，該公司和CNBC的發布會顯示，由於美國對向中國和其他目的地出口H20圖形處理單元的出口限制，它將在其截至2025年4月27日的財政第一季度中記錄55億美元的費用。該費用涵蓋了H20芯片的庫存，購買承諾以及相關儲量，該籌碼估計在2024年產生了120億至150億美元的收入。

Following the announcement, NVIDIA’s stock slid more than 6% in extended trading, reflecting investor concerns over lost revenue from China, where companies like ByteDance ordered $16 billion in H20 chips in Q1 2025.

宣布這一消息後，NVIDIA的股票在擴展交易中滑行了6％以上，這反映了投資者對中國收入損失的擔憂，諸如Bytedance這樣的公司在2025年第1季度下令160億美元的H20芯片。

Source: Yahoo Finance

資料來源：雅虎財務

AMD’s Sharp Decline

AMD的急劇下降

Advanced Micro Devices (AMD), a competitor developing AI chips like the MI309 Instinct, saw its stock fall 8% in after-hours trading on April 15, 2025, as posted on X by The Kobeissi Letter. Investors fear AMD could face similar restrictions, which would lead to a significant drop in its revenue due to its reliance on the Chinese market and TSMC’s manufacturing.

Advanced Micro Devices（AMD）是開發MI309 Instinct這樣的AI芯片的競爭對手，其股票在2025年4月15日的下班後交易中下跌了8％，如Kobeissi Letter在X上發布的。投資者擔心AMD可能會面臨類似的限制，這將導致其收入大幅下降，因為它依賴中國市場和TSMC的製造業。

Challenges for AI DePIN Systems

AI Depin系統的挑戰

DePIN platforms like io.net and Render, which aggregate GPUs for AI training, rendering, and data processing, face unique vulnerabilities due to the challenges from the traditional AI supply chain:

諸如io.net和渲染之類的depin平台匯總了用於AI培訓，渲染和數據處理的GPU，由於傳統AI供應鏈的挑戰，面臨著獨特的漏洞：

Responding to these negative changes, the DePIN market has experienced significant declines today, mirroring the downturn in traditional AI stocks like NVIDIA and AMD.

為了應對這些負面變化，Depin Market今天經歷了顯著下降，反映了Nvidia和AMD等傳統AI股票的低迷。

These declines reflect broader market sentiment, as investors react to the implications of the NVIDIA ban for GPU supply and costs, which are critical for DePIN operations. The parallel downturn in DePIN tokens and traditional stocks underscores the interconnected risks across AI infrastructure markets.

這些下降反映了更廣泛的市場情緒，因為投資者對NVIDIA禁令對GPU供應和成本的影響做出了反應，這對於Depin運營至關重要。 Depin代幣和傳統股票的平行低迷強調了AI基礎設施市場的相互聯繫風險。

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A Silver Lining? Trump’s Push for U.S. Chip Production

一線希望？特朗普推動我們籌碼生產

On the sidelines, Trump has vowed to fast-track permits for domestic chip manufacturing following NVIDIA’s announcement of a $500 billion plan to build AI supercomputers and chips in the U.S. This initiative aims to reduce reliance on Asian supply chains and bolster U.S. technological leadership. While promising for long-term domestic production, the plan faces significant hurdles, including high costs and a shortage of skilled labor.

在NVIDIA宣佈為在美國建立AI超級計算機和籌碼計劃的5000億美元計劃之後，特朗普誓言要獲得國內芯片製造業的快速軌道許可證，該計劃旨在減少對亞洲供應鏈的依賴，並支持亞洲供應鏈的依賴和支持美國的技術領導。該計劃雖然有望長期製作國內生產，但仍面臨重大障礙，包括高昂的成本和熟練勞動力的短缺。

Therefore, in the short term, it does little to alleviate the immediate supply chain disruptions impacting AI and DePIN projects. AI DePIN projects must navigate a turbulent landscape to maintain their edge, while the broader AI industry grapples with the fallout of geopolitical trade wars.

因此，在短期內，它幾乎沒有減輕影響AI和Depin項目的供應鏈中斷。 AI Depin項目必須駕駛動蕩的景觀以保持其優勢，而更廣泛的AI行業則努力應對地緣政治貿易戰的影響。