US bans Nvidia's H20 just as Huawei reveals its next-gen Ascend 920 AI chip Ascend 920 may fill China’s AI chip gap post restrictions Nvidia faces $5.5 billion hit as Huawei seizes opportunity On April 9, 2025, the United States announced plans to further tighten restrictions on AI chip exports to China, including Nvidia's H20 processor, a reduced-performance chip which the company created to comply with earlier US export regulations while continuing sales in China. Huawei, which has been positioning itself as China’s answer to Nvidia for some time, was likely waiting for the announcement because just one day later,…