特朗普总统不断上升的贸易政策破坏了全球半导体行业

唐纳德·特朗普（Donald Trump）总统不断升级的贸易政策以及最近禁止NVIDIA向中国出售先进的AI筹码的NVIDIA在全球半导体行业造成了重大破坏。该动作可能会严重破坏AI和分散的物理基础设施网络（DEPIN）生态系统。

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.

唐纳德·特朗普（Donald Trump）总统的贸易政策不断升级，最近美国禁止向中国出售高级AI筹码的NVIDIA已开始在全球半导体行业造成重大破坏。该动作还可能破坏AI和分散的物理基础设施网络（DEPIN）生态系统。

A Blow to the Semiconductor Supply Chain

对半导体供应链的打击

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.

英国广播公司报道说，半导体是现代技术的骨干，为从iPhone到军事飞机的所有功能。这些在美国发明的芯片是在一个复杂的全球供应链中制成的。筹码通常是在美国设计的，在台湾，日本或韩国制造，使用在中国开采的稀土，包装在越南，并在中国组装，然后在全球销售之前。

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，特朗普总统决定阻止NVIDIA对中国的AI芯片销售，特别是为中国市场量身定制的H20 GPU，正在破坏这个微妙的生态系统。

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.

总统还对台湾GPU和服务器征收了32％的关税，对越南组装的组件征收了46％的关税，从而提高了整个供应链的成本。这些措施是应对中国技术崛起并激励美国制造业的更广泛战略的一部分。但是，中国对美国芯片制造商的关税高度的报复，并且对稀土出口的限制进一步加剧了短缺，因为美国依靠中国的这些关键材料中有90％。

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

这场贸易战和障碍将导致半导体芯片的成本更高，直接影响相关行业。

Immediate Impact on the Traditional AI Industry

对传统AI行业的直接影响

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.

传统的AI行业涵盖了芯片制造商和云提供商，受到NVIDIA禁令和相关关税的严重打击，股市大幅下降，反映出投资者担心。

NVIDIA’s Stock Plunge

NVIDIA的股票投资

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于2025年4月15日宣布，该公司和CNBC的发布会显示，由于美国对向中国和其他目的地出口H20图形处理单元的出口限制，它将在其截至2025年4月27日的财政第一季度中记录55亿美元的费用。该费用涵盖了H20芯片的库存，购买承诺以及相关储量，该筹码估计在2024年产生了120亿至150亿美元的收入。

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.

宣布这一消息后，NVIDIA的股票在扩展交易中滑行了6％以上，这反映了投资者对中国收入损失的担忧，诸如Bytedance这样的公司在2025年第1季度下令160亿美元的H20芯片。

Source: Yahoo Finance

资料来源：雅虎财务

AMD’s Sharp Decline

AMD的急剧下降

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）是开发MI309 Instinct这样的AI芯片的竞争对手，其股票在2025年4月15日的下班后交易中下跌了8％，如Kobeissi Letter在X上发布的。投资者担心AMD可能会面临类似的限制，这将导致其收入大幅下降，因为它依赖中国市场和TSMC的制造业。

Challenges for AI DePIN Systems

AI Depin系统的挑战

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:

诸如io.net和渲染之类的depin平台汇总了用于AI培训，渲染和数据处理的GPU，由于传统AI供应链的挑战，面临着独特的漏洞：

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

为了应对这些负面变化，Depin Market今天经历了显着下降，反映了Nvidia和AMD等传统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.

这些下降反映了更广泛的市场情绪，因为投资者对NVIDIA禁令对GPU供应和成本的影响做出了反应，这对于Depin运营至关重要。 Depin代币和传统股票的平行低迷强调了AI基础设施市场的相互联系风险。

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

一线希望？特朗普推动我们筹码生产

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宣布为在美国建立AI超级计算机和筹码计划的5000亿美元计划之后，特朗普誓言要获得国内芯片制造业的快速轨道许可证，该计划旨在减少对亚洲供应链的依赖，并支持亚洲供应链的依赖和支持美国的技术领导。该计划虽然有望长期制作国内生产，但仍面临重大障碍，包括高昂的成本和熟练劳动力的短缺。

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，在短期内，它几乎没有减轻影响AI和Depin项目的供应链中断。 AI Depin项目必须驾驶动荡的景观以保持其优势，而更广泛的AI行业则努力应对地缘政治贸易战的影响。