2025年7月18日
In April, Jensen Huang, the chief executive of the chip maker Nvidia, received a blunt welcome to the world of geopolitics when the Trump administration shut down sales of an artificial intelligence chip the company had designed specifically for China.
今年4月,当特朗普政府禁止销售芯片制造商英伟达专为中国设计的一款人工智能芯片时,公司首席执行官黄仁勋被生生地拖进了地缘政治的世界。
Since then, Mr. Huang has turned himself into a globe-trotting negotiator as he has tried to persuade President Trump to reverse course. He has traveled with Mr. Trump, testified before Congress and charmed reporters in Washington. And he has courted allies in White House who have quietly supported global business interests despite Mr. Trump’s tough talk on trade with China.
自那时起,他便化身为全球到处飞的谈判者,努力说服特朗普总统改变主意。他陪同特朗普出访,在国会作证,并在华盛顿对记者发起魅力攻势。他还积极争取白宫内部盟友的支持——尽管特朗普在美中贸易问题上措辞强硬,但这些盟友私下里仍支持全球商业利益。
That work has started to pay off for Nvidia. Last week, Mr. Huang met with Mr. Trump in the Oval Office and pressed his case for restarting sales of his specialized chips, said two people familiar with the meeting, who spoke on the condition of anonymity. He argued that American chips should be the global standard and that the United States was making a grave mistake by ceding the giant Chinese market to homegrown rivals.
这番努力开始为英伟达带来回报。据两位匿名的知情人士透露,上周,黄仁勋在椭圆形办公室与特朗普举行会晤,力陈重启其特制芯片销售的理由。他认为,美国芯片应成为全球标准,而美国将庞大的中国市场拱手让给本土竞争对手是一个严重的错误。
Within days, Nvidia said the administration was changing course. It was a remarkable reversal that punctuated Mr. Huang’s arrival as the tech industry’s leading geopolitical player. It also underscored Nvidia’s quick rise from little-known Silicon Valley chip maker to the most valuable public company in the world as well as the linchpin to the tech industry’s A.I. boom.
几天后,英伟达表示政府将改变方针。这是一次重大的逆转,标志着黄仁勋作为科技界主要地缘政治参与者的登场。这也突显了英伟达的迅速崛起——从鲜为人知的硅谷芯片制造商跃升为全球市值最高的上市企业,并成为推动科技行业人工智能热潮的关键支柱。
Just last week, Nvidia, which controls more than 90 percent of the market for chips needed to build A.I. systems, became the first public company worth more than $4 trillion. Since then, it has raced past that milestone thanks largely to its return to China.
就在上周,掌控构建人工智能系统所需芯片90%以上市场份额的英伟达成为首家市值超过4万亿美元的上市公司。此后,得益于重返中国市场,其市值又迅速超越了这一里程碑。
4月,特朗普总统与黄仁勋在白宫。
Mr. Huang “makes the same argument, even where it is unpopular, because he believes deep in his bones that winning developer mind-share in China and depriving Huawei of a monopoly market is the best way for the American A.I. to win around the world,” said Brad Gerstner, the founder of Altimeter Capital Management, a major Nvidia investor.
英伟达的主要投资者、Altimeter资本管理公司创始人布拉德·格斯特纳表示,黄仁勋“一直坚持同样的主张——哪怕有时不招人待见,因为他深信,美国的人工智能要在全球赢得胜利,最佳途径是赢得中国开发者的青睐,并阻止华为垄断市场”。
A White House spokesman, Kush Desai, said Mr. Trump’s “America First policies” had led to trillions of dollars in investments in U.S. manufacturing and technology, which “will create thousands of quality jobs and safeguard our country’s national and economic security.”
白宫发言人库什·德赛表示,特朗普的“美国优先政策”已促成对美国制造业和技术的数万亿美元投资,这将“创造成千上万的优质就业岗位,并保障我们国家的国家安全和经济安全”。
“Everything the president does is aimed at protecting America and American workers,” Mr. Desai added.
他还称:“总统所做的一切都是为了保护美国和美国工人。”
The Commerce Department did not respond to requests for comment. The Wall Street Journal previously reported on the White House meeting.
商务部未回应置评请求。《华尔街日报》此前报道了白宫的这次会晤。
Mr. Huang has paired his courtship of the Trump administration with a steadfast determination to keep a foothold in China, often baffling colleagues with trips across the Pacific to meet with officials as trade war rhetoric between the countries escalated. Ultimately, Mr. Huang’s campaign was also aided by Chinese pressure in ongoing trade negotiations with the United States.
在寻求特朗普政府支持的同时,黄仁勋也始终坚定地维护英伟达在中国市场的立足点。在两国贸易战言论升级之际,他频繁往返太平洋两岸,与双方的官员会晤,这常令同事们感到不解。最终,黄仁勋的游说努力也因中国在美中持续进行的贸易谈判中所施加的压力而获益。
On Wednesday, Mr. Huang signed autographs in an appearance in Beijing while demurring about his influence on Mr. Trump’s decision. “I don’t think I changed his mind,” Mr. Huang said. “It’s my job to inform the president about what I know very well, which is the technology industry, artificial intelligence, the developments of A.I. around the world.”
周三,在北京出席活动的黄仁勋一边为粉丝签名,一边淡化自己对特朗普总统决定的影响力。他说:“我不认为我改变了他的想法。我的工作是向总统介绍我非常了解的领域,也就是科技产业、人工智能以及全球人工智能的发展。”
Mr. Huang, 62, was a reluctant lobbyist. An electrical engineer by training, he used to consider government affairs trivial, said two former employees, who asked to be anonymous because they still work in the tech industry.
62岁的黄仁勋曾经不是一个乐于游说的人。据两位要求匿名的前员工(他们仍在科技行业工作)透露,电气工程师出身的他过去认为政府事务不值得费神。
But he had to jump into Washington politics when the company’s A.I. chips became enmeshed in global politics. Fearing the chips could be used to coordinate military strikes and develop weapons, the Biden administration approved rules restricting sales to China. The Trump administration promised to crack down further.
但当公司的AI芯片陷入全球政治漩涡时,他不得不投身华盛顿的政治活动。拜登政府担心芯片可能被用于协调军事打击和研发武器,批准了限制对华销售的规定。特朗普政府则承诺将进一步打击。
After the inauguration, Mr. Huang visited the White House and met Mr. Trump for the first time. Mr. Huang talked about A.I. policy and semiconductors, but afterward, the president told reporters that he couldn’t say whether he would ban more of Nvidia’s chip sales to China. Like officials in the Biden administration, Mr. Trump’s advisers were concerned that the chips would help Chinese businesses match American A.I. technology.
就职典礼后,黄仁勋前往白宫,与特朗普首次会面。黄仁勋谈到了人工智能政策和半导体,但随后,总统告诉记者,他还拿不准是否会禁止英伟达向中国销售更多芯片。与拜登政府的官员一样,特朗普的顾问也担心这些芯片会帮助中国企业追赶美国的人工智能技术。
In April, the Trump administration warned Nvidia that it planned to shut down sales of the last artificial intelligence chip it offered in China, said four people familiar with the plans.
据四名知情人士透露,今年4月,特朗普政府提醒英伟达,称其计划禁止该公司销售面向中国市场的最后一款人工智能芯片。
Commerce Secretary Howard Lutnick, who oversees export restrictions, invited Mr. Huang to Mar-a-Lago to meet with the president and make a last-ditch appeal, the people said. On the sidelines of a $1-million-a-head candlelight dinner, Mr. Huang tried to persuade Mr. Trump not to curb chip sales to China, the four people said. He explained that Nvidia’s chip in question, known as the H20, was far less powerful than what the company sold to the rest of the world. Losing access to China would hurt U.S. companies and help Chinese rivals.
这些知情人士表示,负责出口限制的商务部长霍华德·卢特尼克邀请黄仁勋到马阿拉歌庄园跟总统见面,进行最后一次说服。四位知情人士表示,在一场每位宾客收费高达100万美元的烛光晚宴上,黄仁勋试图说服特朗普不要限制对华芯片销售。他解释说,英伟达所涉芯片H20的性能远低于它销售给世界其他地区的产品。失去中国市场将损害美国企业的利益,并助力中国的竞争对手。
Administration officials who were briefed later on the conversation thought Mr. Huang had undersold his chips’ usefulness. The H20 was packed with memory capable of processing complex requests, and Chinese customers were spending billions of dollars for it. Two weeks later, the administration sent Nvidia a letter shutting down sales of the chip to China.
后来听取谈话简报的政府官员认为,黄仁勋淡化了其芯片的实用性。H20芯片配备了能够处理复杂请求的大容量存储器,而中国客户已经为这款芯片花费了数十亿美元。两周后,政府向英伟达发函,叫停该芯片的对华销售。
白宫人工智能和加密货币政策顾问戴维·萨克斯力主放松对人工智能芯片国际销售的严格控制。
But David Sacks, a longtime Silicon Valley investor who had become the White House’s A.I. czar, was more receptive to Mr. Huang’s position about China than others in the administration, two people familiar with his thinking said. Mr. Sacks disliked another Biden administration rule that controlled A.I. chip sales around the world. He also questioned Washington’s consensus that selling A.I. chips abroad would be bad for the United States.
但两位知情人士透露,长期在硅谷投资、现已成为白宫人工智能“沙皇”的戴维·萨克斯比政府内其他人更能接受黄仁勋关于中国的立场。萨克斯不认同拜登政府另一项管控全球人工智能芯片销售的规定。他还质疑华盛顿关于向国外销售人工智能芯片将对美国不利的共识。
Mr. Huang began speaking regularly with Mr. Sacks and Sriram Krishnan, who works on A.I. in the administration, these people said. His concerns about the Chinese company Huawei began to resonate with Mr. Sacks after Huawei announced a new A.I. system, which it called the CloudMatrix 384, that delivered performance competitive with U.S. products.
这些人说,黄仁勋开始定期与萨克斯以及在政府中负责人工智能事务的斯里拉姆·克里希南进行沟通。在华为宣布推出名为CloudMatrix 384的新人工智能系统——其性能可媲美美国产品——之后,黄仁勋对华为的担忧开始引起萨克斯的共鸣。
At a conference in Washington in April, Mr. Huang urged the administration to loosen restrictions on chip sales. “China is not behind,” he said. “Are they ahead of us? China is right behind us. We’re very, very close.”
4月,在华盛顿的一场会议上,黄仁勋敦促政府放宽对芯片销售的限制。“中国并没有落后,”他说。“他们比我们领先吗?中国紧跟在我们后面,我们之间的差距微乎其微。”
Mr. Huang later appeared alongside Mr. Trump at a White House announcement of a $500 billion investment by Nvidia in U.S. manufacturing. In what Nvidia executives later said were unplanned remarks, Mr. Trump smirked as Mr. Huang laughed and said, “Without the president’s leadership, his policies, his support and very importantly his strong encouragement — and I mean his strong encouragement — frankly, manufacturing in the United States wouldn’t have accelerated to this pace.”
随后,黄仁勋与特朗普一同出现在白宫,宣布英伟达将向美国制造业投资5000亿美元。在英伟达高管后来称之为计划外的发言中,黄仁勋笑着说:“坦白讲,没有总统的领导、他的政策支持,以及,非常重要的是——他的大力鼓励——美国制造业的发展速度不可能达到如今这样。”特朗普则在一旁面带得意的笑容。
The next day, Mr. Huang spoke to the House Foreign Affairs Committee, which has responsibility for overseeing limits on chip sales abroad. He criticized the Biden administration’s rules limiting chip sales and warned that banning sales to China would harm, not help, the United States. He also parried questions about whether DeepSeek, a Chinese start-up that shocked the tech industry this year when it unveiled an A.I. system comparable to American-made systems, had used Nvidia technology, said two legislative aides familiar with the meeting.
次日,黄仁勋在众议院外交事务委员会发表讲话,该委员会负责监督对海外芯片销售的限制。据两位熟悉会议情况的立法助手透露,他批评了拜登政府限制芯片销售的规定,警告称禁止向中国销售芯片对美国有害无益。对于中国初创公司DeepSeek(该公司今年推出了可与美国相媲美的人工智能系统,令科技界震惊)是否使用了英伟达技术这一问题,他也巧妙地回避了。
“His objective is to always fundamentally provide the information, whether it’s policymakers or others in the Beltway, need to hear or want to hear and answer their questions,” said Tim Teter, Nvidia’s general counsel, who joined Mr. Huang in Washington during that visit. “He did exactly that.”
“他的目标始终是从根本上提供决策者或华盛顿其他政界人士需要听取、希望听取的信息,并解答他们的疑问,”英伟达总法律顾问蒂姆·泰勒说道,那次他陪同黄仁勋前往华盛顿,“他确实做到了。”
In the weeks that followed, Mr. Sacks helped dismantle the Biden rule that put caps on the number of chips Nvidia could sell to every country in the world, four people familiar with the process said. The maneuver cleared the way for Mr. Sacks to help Nvidia sell chips to Saudi Arabia and the United Arab Emirates.
四位知情人士表示,在随后的几周里,萨克斯协助废除了拜登政府一项对英伟达向全球各国销售芯片数量设置上限的规定。这一举措为萨克斯帮助英伟达向沙特阿拉伯和阿拉伯联合酋长国销售芯片扫清了障碍。
In May, Mr. Huang traveled to the Middle East with Mr. Trump. Mr. Sacks, by now Mr. Huang’s ally, negotiated a blockbuster deal to deliver hundreds of thousands of today’s most advanced chips from Nvidia annually to build one of the world’s largest data center hubs in the Emirates.
5月,黄仁勋与特朗普一同前往中东。此时已成为黄仁勋盟友的萨克斯促成了一项重磅交易——英伟达每年交付数十万当今最先进的芯片,助力阿联酋打造全球最大的数据中心枢纽之一。
During the sales process, Mr. Sacks and Mr. Huang began advancing the same rationale for selling A.I. chips, two people said. To win the A.I. race, they said, the U.S. government should encourage purchases of U.S. technology rather than create a reason for countries to buy similar Chinese technology.
两位知情人士称,在销售过程中,萨克斯和黄仁勋开始用同样的理由推销人工智能芯片。他们表示,为了赢得人工智能竞赛,美国政府应当鼓励各国购买美国技术,而非给各国理由去购买类似的中国技术。
At Nvidia, it felt like a major breakthrough when Mr. Trump called Mr. Huang a “friend” during the trip.
在那次中东之行中,特朗普称黄仁勋为“朋友”,这在英伟达内部被视为一个重大突破。
十年前,黄仁勋曾打赌说,英伟达的视频游戏芯片将使构建人工智能系统成为可能。
But Mr. Huang wasn’t satisfied with winning the Middle East. He wanted a return to China as well.
但黄仁勋并不满足于在中东取得的成功,他还希望重返中国市场。
Shortly after securing the multibillion-dollar deal with the Emirates, Mr. Huang traveled to Taiwan for an annual computer conference. He spoke to reporters on the sidelines and said Washington’s regulation of chip sales to China had only made Chinese companies stronger.
与阿联酋达成数十亿美元的交易后不久,黄仁勋前往台湾参加一年一度的计算机大会。他在会场外对记者表示,华盛顿对华销售芯片的管控,只会让中国企业变得更强大。
“All in all, the export control was a failure,” Mr. Huang said.
“总而言之,出口管制是失败的,”黄仁勋说。
Last week, Mr. Huang returned to Washington to meet with think tank leaders, political reporters and White House officials. His message was similar to the one he and Mr. Sacks promoted after their trip to the Middle East: Countries around the world should be encouraged to build on U.S. chips and software.
上周,黄仁勋回到华盛顿,会见了智库领导人、政治记者和白宫官员。他传达的信息与他和萨克斯中东之行后倡导的信息很相似:应鼓励世界各国依托美国的芯片和软件进行开发。
“The American tech stack should be the global standard, just as the American dollar is the standard by which every country builds on,” Mr. Huang said during a podcast recorded last week in Washington with the Special Competitive Studies Project, a think tank.
“美国的技术栈应当成为全球标准,就像美元是各国发展所依托的标准一样,”黄仁勋上周在华盛顿接受智库“特别竞争研究项目”的播客采访时说。
Mr. Huang delivered that same message to Mr. Trump last week in the Oval Office, two people familiar with the meeting said. Mr. Sacks was seated nearby, lending his support. By the end of the nearly hourlong meeting, Mr. Trump said Nvidia’s chips could return to China.
两位熟悉会面情况的人士称,上周在椭圆形办公室,黄仁勋向特朗普传达了同样的信息。萨克斯坐在旁边给予支持。在这场近一小时的会面结束时,特朗普表示英伟达的芯片可以重返中国市场。
Mr. Lutnick said on CNBC that the approval was linked to ongoing trade talks with China, which recently agreed to supply rare earth magnets to American companies. The idea was to sell Chinese businesses Nvidia’s fourth-best chip, he said, so that “they get addicted to the American technology stack.”
卢特尼克在CNBC上表示,这一批准与正在进行的中美贸易谈判有关,中国最近已同意向美国公司供应稀土磁体。他说,这个策略是向中国企业出售英伟达第四顶尖的芯片,这样 “他们就会对美国的技术栈上瘾”。
Days later, Mr. Huang traveled to Beijing and held a news conference to tell customers that Nvidia was open for business. Mr. Huang, now the world’s sixth-wealthiest man, amiably chatted with reporters about his relationship with Mr. Trump. The atmosphere was jubilant.
几天后,黄仁勋来到北京,召开新闻发布会,告诉客户英伟达将继续在中国开展业务。黄仁勋现在是全球第六大富豪,他和蔼地与记者聊起了他与特朗普的关系。现场气氛一片欢腾。