Nvidia’s Vera Rubin Ships to OpenAI as China Export Hopes Remain on Ice
Published on 07/23/2026 at 09:50 | Redaktion boerse-global.de
Nvidia’s stock edged up 2.30 percent to €186.10 on Wednesday, as the chipmaker confirmed it had begun shipping the first systems from its new Vera Rubin platform to OpenAI and CoreWeave. The milestone marks a decisive shift from GPU maker to full-stack AI infrastructure provider, even as the company’s long-dormant China business continues to generate zero revenue from approved export licenses.
The Vera Rubin VR200 platform has entered series production, with initial racks already arriving at customer data centers. At the heart of the system sits Nvidia’s first in-house server CPU, the “Vera” processor built on proprietary “Olympus” cores — a direct challenge to Intel and AMD on their home turf of x86 servers. Individual Vera chips are priced at roughly $5,000, while complete NVL72 rack systems can reach $8 million. The cable-free, fanless design promises faster deployment and lower maintenance for hyperscalers.
Early benchmarks from CoreWeave show the NVL72 delivering ten times the tokens per megawatt compared to the prior-generation Grace Blackwell systems. That efficiency metric has become critical as power consumption emerges as the primary bottleneck for AI factories. The performance leap is enabled by sixth-generation NVLink interconnects paired with HBM4 memory, which pushes bandwidth to 22 terabytes per second. Nvidia also claims market leadership in data center Ethernet switches, bolstered by its Spectrum-X networking technology.
The product launch comes as Nvidia’s core business continues to fire on all cylinders — but without any help from China. In the first fiscal quarter of 2027, the company posted $81.6 billion in revenue, up 85 percent year over year. The data center segment alone grew 92 percent to $75.2 billion, with the networking sub-unit surging 199 percent to a record $14.8 billion. The “AI Clouds, Industrial and Enterprise” category contributed $37.4 billion to the total.
Should investors sell immediately? Or is it worth buying Nvidia?
Yet China, which once accounted for more than a fifth of Nvidia’s data center revenue, contributed nothing. The company sold zero Hopper-series data center units into the country during the quarter, compared to $4.6 billion a year earlier. In February 2026, U.S. authorities approved a limited license for H200 shipments to select Chinese customers including Alibaba, Tencent, ByteDance and JD.com — but Nvidia has yet to book a single euro from those approvals. Each shipment still requires a U.S. inspection before export, and faces a 25 percent import tariff upon arrival in China.
A U.S. trade representative has stated that chip export controls were not discussed in recent bilateral talks, making a near-term breakthrough unlikely. The regulatory path remains case-by-case, with Washington retaining the ability to narrow or close the channel at any point. Analysts warn that a single new restriction could trigger another writedown similar to the $4.5 billion inventory charge Nvidia took in 2025.
The geopolitical tension escalated further on Thursday, when White House officials accused Chinese AI startup Moonshot of accessing restricted Nvidia hardware, potentially violating export controls. The allegations surfaced alongside reports of a growing black market for high-end GPUs in Asia, where prices for banned Blackwell and Vera Rubin components have reportedly doubled since the start of the year.
Sovereign AI projects are emerging as a counterweight to the China headwinds. Governments worldwide are investing in domestic AI infrastructure to maintain data sovereignty and national security. Japan’s national AI initiative and partnerships with European providers such as Deutsche Telekom are expected to sustain demand for hardware and software upgrades well into 2026.
The stock currently trades 2.59 percent above its 50-day moving average of €181.41, with a relative strength index of 57.6 — indicating steady bullish momentum without overheating. At €186.10, the shares remain 8.10 percent below the May 2026 record high of €202.50. The 200-day average sits at €166.01, giving the stock an 11 percent cushion above that longer-term benchmark.
Nvidia at a turning point? This analysis reveals what investors need to know now.
The bull case rests on continued diversification beyond the handful of hyperscaler customers, with China serving as a potential bonus rather than a necessity. Some analysts estimate that even a partial reopening of the H200 channel could add $5 billion to $8 billion in annual revenue. The bear case warns that the China channel is structurally constrained by tariffs, compliance costs, and the widening performance gap between approved chips and Nvidia’s cutting-edge products. Every new export restriction or Chinese retaliatory measure risks another inventory writedown.
For now, the Vera Rubin rollout offers a tangible narrative that overshadows the China stalemate. The coming quarters will reveal how quickly additional hyperscalers place orders for the new platform, and whether the Moonshot allegations harden Washington’s stance further. Nvidia’s next earnings report will provide the first concrete update on whether any H200 shipments have actually cleared customs in China — a data point that matters far more than any analyst forecast.
Ad
Nvidia Stock: New Analysis - 23 July
Fresh Nvidia information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
Disclaimer regarding our articles: No investment advice, no buy or sell recommendation. Information on prices, companies, and markets is provided without guarantee; changes are possible at any time. Stock market transactions can lead to substantial losses. Our articles are created and reviewed in whole or in part automatically with the support of AI.
