H200

Where the book uses it

• Chapter 5 — The Island in Every Machine

  Why every accelerator runs through Taiwan: the foundry, the packaging and the memory that are booked years ahead, and what that does to anyone arriving late with cash.

• Chapter 7 — The Double Blockade

  Two governments deciding one trade: Washington’s export rules and Beijing’s instructions at the border, and what each did to the chip business it meant to shape.

Where the record uses it

• Dated test Chapter 7, the harder to reverse, Beijing’s side, due 31 December 2027
• Dated test Chapter 7, the harder to reverse, Washington’s side, due 31 December 2027

Sources that use it

• Intercontinental Exchange and Ornn, “ICE and Ornn to Launch GPU Compute Futures Contracts,” press release via Business Wire, 19 May 2026 (plans for “a suite of GPU compute futures contracts based on Ornn’s Compute Price Index (OCPI)”, U.S. dollar denominated and cash-settled; “Contracts may reference the OCPI series covering H100, H200, B200, RTX 5090, and additional GPU types as the market develops”; “The contracts will be launched subject to regulatory approval.”). In the Sources
• NVIDIA, “NVIDIA DGX H100/H200 User Guide,” documentation page as served 19 September 2026 (the user guide rates each DGX H100 system at “10.2 kW max.” against six 3300 W supplies in 4+2 redundancy, and gives its airflow as “1105 CFM Front-to-Back @ 80% fan PWM” and its heat output as “38,557 BTU/hr”; copy held, md5 7fa490d7499bf6c32c8ed730bc4f6071). In the Sources
• Bureau of Industry and Security, Department of Commerce, "Revision to License Review Policy for Advanced Computing Commodities," final rule, 91 FR 1684–1689, with the Department of Commerce's press release of 13 January 2026, "Department of Commerce Revises License Review Policy for Semiconductors Exported to China" (Federal Register Volume 91, Number 10, Thursday 15 January 2026; FR Doc 2026-00789; Docket No. 260112-0028; RIN 0694-AK43), effective 15 January 2026; issued and filed for public inspection 13 January 2026 (a case-by-case license review policy for exports to China or Macau of commodities "with a TPP … less than 21,000, and a `total DRAM bandwidth' … less than 6,500 GB/s" — both ceilings — "such as the NVIDIA H200 or AMD MI325X"; the applicant must show that "the aggregate TPP of ``advanced-node integrate circuits'' exported to China or Macau will be no more than 50 percent of the aggregate TPP shipped to customers in the United States for end-use in the United States for the same advanced computing commodities from when such circuits started shipping to commercial U.S. customers … to the time of the license application" (supplement no. 2 to part 748, paragraph (dd)(1)(iii), the rule's only "50 percent"); third-party testing by a lab headquartered in the United States, the testing in the United States, of every chip or "a representative sampling of a batch"; the release, headed "FOR IMMEDIATE RELEASE | January 13, 2026": "Today the Department of Commerce’s Bureau of Industry and Security (BIS) issued a rule revising its licensing policy for semiconductor exports to China" and "The rule is effective immediately upon publication in the Federal Register" — two documents and two dates, the release of 13 January and the rule published and effective on 15 January). In the Sources
• NVIDIA Corporation, Form 10-K for the fiscal year ended 25 January 2026, filed 25 February 2026 (“We generated approximately $60 million in H20 revenue under those licenses”; “USG officials expressed an expectation that the USG will receive 15% or more of the revenue generated from licensed sales of our products, but the USG did not publish a regulation codifying such requirement”; a February 2026 license “to ship small amounts of H200 products to specific China-based customers” under which, “to date, we have not generated any revenue”; Note 2, the Groq transaction: “In December 2025, we entered into a non-exclusive license agreement with Groq, Inc., or Groq, for its language processing unit technology and hired certain Groq employees. No customer contracts, existing products, or equity interests were purchased”; “Total consideration consists of $13.0 billion paid at closing and $4 billion, inclusive of imputed interest, payable within one year”; “$14.4 billion of goodwill and a $2.5 billion developed technology intangible asset”, the goodwill “primarily attributable to the workforce and future development of the licensed technology” (accession 0001045810-26-000021, p. 61); the $2.5 billion developed technology intangible asset “valued using a cost-to-recreate methodology with a five-year useful life”; the goodwill “recorded in the Compute & Networking reporting unit” and “tax deductible”; the risk factors call the transaction “an intellectual property license arrangement with Groq, Inc., or Groq, that required significant, nonrefundable payments”; the risk factors, p. 28: “an agency of the Chinese government announced an Action Plan that endorses new standards regarding the compute performance per watt and per memory bandwidth of accelerators used in new and renovated data centers in China”, and should US export controls change “to allow us to return to the market”, the Chinese government “could modify or implement the Action Plan in a way that effectively prevents us from being able to design products to meet the new standard”; Government Regulations: “Over the past three years, we have been subject to a series of shifting and expanding export control restrictions”; the restrictions announced in August 2022 “specifically impact our A100 and H100 integrated circuits”, the requirements of October 2023 reach products “exceeding certain performance thresholds, including, but not limited to, the A100, A800, H100, H800”, “In January 2025, the USG published the AI Diffusion IFR in the Federal Register”, which “would have divided the world into three tiers”, and “In May 2025, the USG announced that it would rescind the AI Diffusion IFR”; of OpenAI: “We are finalizing an investment and partnership agreement with OpenAI. There is no assurance that we will enter into an investment and partnership agreement with OpenAI or that a transaction will be completed.”; under “Facility Lease Guarantees”: “In fiscal year 2026, we entered into agreements to guarantee partners’ facility lease obligations in the event of their default in exchange for warrants. The maximum gross exposure under all agreements is $3.5 billion, which is reduced as the partners make payments to the lessors over terms ranging from 5 to 7 years. The partners have placed $712 million in escrow to mitigate our potential exposure”, no partner named; revenue of $215,938 million for fiscal 2026, and “As of the end of fiscal year 2026, we had approximately 42,000 employees in 38 countries”; “In August 2022, the U.S. government, or USG, announced export restrictions and export licensing requirements targeting China’s semiconductor and supercomputing industries”, reaching exports “to China (including Hong Kong and Macau) and Russia” that “specifically impact our A100 and H100 integrated circuits”; “In October 2023, the USG announced new and updated licensing requirements for exports to China and Country Groups D:1, D:4, and D:5 (including but not limited to Saudi Arabia, the United Arab Emirates, and Vietnam, but excluding Israel)”; read in the held text of the filing). In the Sources
• NVIDIA, Form 10-Q for the quarter ended 26 July 2026, filed 26 August 2026 (China, including Hong Kong, revenue $7.880 billion, 8.19% of $96.221 billion total quarterly revenue; approximately $0.4 billion of H200-related inventory and purchase-obligation charges in the first half of fiscal 2027; NVIDIA said it had been unable to deliver a competitive China product approved by both governments; Note 10’s separate table of ‘the maximum gross exposure related to our guarantees’ — ‘Land, power, and shell guarantees for AI clouds’ $3.5 billion plus ‘SB Energy Corp. guarantees’ $105.0 billion, total $108.5 billion, the latter ‘to provide credit support on a land, power, and shell buildout with affiliates of SB Energy Corp. (SB Energy) on behalf of a customer, an affiliate of OpenAI Group PBC (OpenAI)’; Exhibit 10.1, the Form of Residual Value Guaranty, §20(e): “The parties agree that the Premises will exclusively install and deploy NVIDIA reference architecture for accelerated computing hardware and compute technologies … for a period of not less than twenty (20) years from the Commencement Date of the Lease” — an exclusivity covenant inside the guaranty; its consideration is a separate, redacted letter agreement, Recital F, and the landlord’s S-1 says the compensation “is provided separately by OpenAI under a separate agreement”; Note 10 on the SB Energy guarantees — “limited to defined portions of lease and power payments and not the full cost of the site or all of the tenant’s obligations”, terminating on events “including OpenAI achieving a satisfactory credit rating or after each respective lease term has completed”, and “In exchange for the guarantees, the site will exclusively host NVIDIA AI infrastructure, subject to limited exceptions”; Note 10, Commitments and Contingencies, on the supply agreements: “in certain instances, these agreements may be cancelable, rescheduled, or adjustable for our business needs prior to placing firm orders”; Note 10, Commitments and Contingencies: cloud service agreement commitments of $36 billion at 26 July 2026, typically six years, which the AI clouds “can unilaterally stop providing to us and sell to third-party customers at more advantageous rates”, set out as an ‘AI cloud agreements’ line in the Additional Commitments table by fiscal year — $6 billion in 2028, $8 billion in 2029, $7 billion in 2030, $6 billion in 2031, $9 billion in ‘2032 and thereafter’ — and classed as a commitment, the word ‘backstop’ appearing nowhere in the filing; one direct customer at 16% of second-quarter revenue; the Groq tail being paid down: a “Groq, Inc.” line of $2,944 million in cash used in financing activities for the first half of fiscal 2027, and “Accrued purchase consideration” of $986 million at 26 July 2026 against $3,921 million at 25 January 2026, footnoted “Related to the Groq, Inc. non-exclusive license agreement”; supply-and-capacity commitments of $279 billion: $92 billion for the rest of fiscal 2027, $87 billion in fiscal 2028, $88 billion in fiscal 2029; primarily memory, manufacturing facilities and data-center systems; supplier split not disclosed; the July 10-Q’s own comparison — “increasing supply commitments from $119 billion last quarter to $279 billion as of July 26, 2026. These supply commitments are for our data center infrastructure systems, primarily memory and manufacturing facilities” (Note 10, p. 18); the July 10-Q’s maturity table runs the $279 billion to “2032 and thereafter”: $92, $87 and $88 billion in fiscal 2027 to 2029 and $6, $5 and $1 billion in 2030, 2031 and 2032 and thereafter, so $12 billion falls after the three fiscal years the book’s table names; a risk factor on the guarantees: “Although OpenAI has agreed to reimburse and indemnify us for certain losses, we may not recover amounts promptly or in full”; the census inputs at 26 July 2026: debt at a net carrying amount of $33,366 million, Note 9; in Note 10, data center leases not commenced $25 billion, cloud service agreements $29 billion, equity investments $25 billion and capital expenditures $8 billion, and in its additional commitments $20 billion of data center leases not commenced for third parties, which NVIDIA expects to reassign; of the AI cloud agreements, in the management discussion: “Our commitments, which are typically six years in duration, totaled $36 billion as of July 26, 2026, and decrease as capacity is used by third-party customers or by us for our research and development efforts”; of the leases signed for others, in Note 10: “We have entered into data center leases with terms of approximately fifteen years that are expected to commence between fiscal year 2028 and fiscal year 2029” and “We expect to reassign these data center leases to third parties”; on China: “under the current rules and geopolitical landscape” it is “unable to create and deliver a competitive product for wide distribution in China’s data center market with the approval from both the USG and the Chinese government” (Part II, Item 1A, Risk Factors, p. 37); $25.0 billion of senior unsecured notes in seven tranches issued in June 2026, 4.25 to 5.625 percent, due 2028 to 2056; the notes’ net carrying amount $33.4 billion at 26 July 2026 against $8.5 billion at 25 January 2026; Note 10 on when the SB Energy guarantees run: “Each guarantee generally becomes effective upon commencement of the applicable lease, with corresponding guarantee amounts increasing, as each of the nine phases of data center construction is completed, the first of which is expected in fiscal year 2029”; the census’s cells at 26 July 2026, the sums the book’s: debt 33.4, the notes’ net carrying amount of $33,366 million (Note 9, Debt, p. 17); leases not yet begun 45.0, data center leases not commenced of $25 billion in Note 10’s commitments table plus data center leases not commenced for third party of $20 billion in its additional commitments table (p. 18), $45 billion; purchase and other commitments 377.0, supply and capacity $279 billion, cloud service agreements $29 billion, equity investments $25 billion and capital expenditures $8 billion in the commitments table, plus AI cloud agreements of $36 billion in the additional commitments table (Note 10, p. 18), $377 billion, which is the first table’s own total of $366 billion less its $25 billion of leases, plus the $36 billion; on the H200 licenses, “such sales were restricted by the PRC government, and we have been unable to sell all the products for which we have licenses”; “we have made a fraction of the allowed shipments under the USG’s H200 licensing program. Those shipments account for less than 1% of Data Center revenue in our most recent quarter”; “We have been unable to pass along any of the tariff to our customers”; in the management discussion, “Shipments of Data Center Hopper products to China during the second quarter of fiscal year 2027 were less than 1% of Data Center revenue”; “our effective foreclosure from the China market helped our competitors build larger developer and customer ecosystems to challenge us worldwide”; “The Chinese government has encouraged customers to purchase from our China-based competitors and discouraged customers from purchasing, importing, or using our data center products”). In the Sources

And 26 more: search the Sources.

Related terms

• Hopper
• H100
• Export controls
• H20
• Cut-out
• EUV
• Advanced packaging
• Affiliates rule
• AI factory
• Booked, allocated, rationed
• CHIPS Act
• Convertible