China-bound H200: China supply essentially confirmed, yet only ~1.3x pricier than the H20… According to Chinese media reports, Nvidia’s H200 sales to China are said to be virtually confirmed. Also, Nvidia CEO Jensen Huang (黄仁勋) is reportedly scheduled to visit China in January 2026. According to Chinese media, the H200 8-card module is priced at 1.4 million yuan (about $200,000), which is slightly more expensive than the H20. Nvidia’s H20 initially came in a 96GB HBM3 memory version, and earlier this year it released an upgraded 141GB HBM3e version. The price of this 8-card module once rose from 880,000 yuan to 1.05 million yuan. Wu Zihao (吴梓豪), CEO of Ronghe (蓉和) Semiconductor Consulting, stated that on a performance-per-density (TPP) basis, the next-generation “special supply” product H200 has a compute value of 15,832, about 6.7x that of the H20. He added, “TPP performance density is a more objective comparison at the physical layer, whereas TFLOPS floating-point operations often produce comparison errors because manufacturers use different calculation methodologies.” With performance differing by more than 6x while price differs by only 1.3x, from this perspective, the analysis is that the H200’s cost-effectiveness and attractiveness will rise significantly. $NVDA