Like the fun of being together on Wall Street Nvidia's CEO Jensen Huang said Wednesday's quarterly results would leave billions of dollars in revenue on the table as it is no longer sold to China.

“This $50 billion Chinese market effectively shut down the U.S. industry,” Huang told analysts at the start of his ready comment on the revenue call. “So we are making billions of dollars in writing to inventory that cannot be sold or reused.”

Even without the opportunity to gain the world's second-largest economy, NVIDIA's year-on-year revenue rose 69% to $44 billion in the first quarter, an estimate by analysts. The stock rose about 4% in expansion trading, which would be the highest level since January if it stayed there on Thursday.

NVIDIA shares have now risen for a year after a difficult start in 2025, which adds to the rally, which increased the company's market cap by nearly 240% in 2023 and more than 170% last year.

Despite this, Huang still made him dissatisfied with the situation in China.

In April, the Trump administration told NVIDIA that its previously approved H20 processors required export licenses, effectively cutting off “no grace period” sales, the company said Wednesday. The U.S. government highlighted national security concerns and was about to sell NVIDIA's exquisite AI chips to its chief rivals.

The H20 was introduced by NVIDIA, which limits AI chip exports in 2022 at Biden Administration. This is a slowing version designed to comply with U.S. export controls.

NVIDIA said Wednesday that sales in the latest quarter would be as high as $2.5 billion if the company could sell H20 chips throughout the quarter, rather than stopping when government letters were received in April. It must write off $4.5 billion in inventory and no longer use it.

In the quarter, NVIDIA said it had already planned to have $8 billion in H20 orders and must now be repealed. NVIDIA's guidance is $45 billion in the current period, and if not for the limit, that number would be about 18%.

In Huang's view, export control not only hurts NVIDIA, but he said that with or without Nvidia's chips, China will "continue" and Chinese artificial intelligence researchers will move from companies including Huawei to local chips and technologies.

"The United States is based on the assumption that China cannot make AI chips," Huang said. "This assumption is always questionable and is obviously wrong now."

"The question is not whether China will have AI," Huang added. "It has been done."

Although Huang has become increasingly public in terms of disagreement with export control policies, he is very careful not to criticize President Donald Trump, who has developed habits of building habits and escapes the difficult lives of openly opposing his company and individuals.

Huang thanked Trump for revoking the pending “AI proliferation” rule that would have used AI chip quotas in most countries and praised him for helping strikes with Saudi Arabia and the United Arab Emirates to build large data centers in the Middle East. He said NVIDIA is building its latest chips and systems on U.S. soil, a tribute to Trump's plan to bring high-tech manufacturing to the industry.

Huang said that “we shared this vision” with Trump’s highly automated manufacturing industry.

But Huang admits that Envidia has no other answer to China's question.

Asked Wednesday whether the company is developing new China-centric chips to sell the region, or whether NVIDIA wants any relief from the government, Huang said there is currently no alternative product and the latest U.S. restrictions are "very strict."

"The president has a plan," Huang said. "He has a vision, and I believe in him."

watch: National security is crucial in AI