New Matrix, a Chinese company approved by the Trump administration to assemble Nvidia H200 chips, appears to operate from a vacant building in a recently built industrial park in Beijing. The company is authorized to integrate H200 processors into computer systems used to train and run artificial intelligence models, following the opening of exports to China on December 8, 2025. The U.S. Commerce Department has reviewed Nvidia chip exports case by case since mid-January 2026, while Beijing conditionally approved around 400,000 chips in January. An estimated 600,000 H200 chips are reportedly stockpiled in Hong Kong pending large-scale import approvals, even though sales of these chips in China accounted for less than 1% of Nvidia’s data-center revenue in the July 2026 quarter.
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