NVIDIA CORP (NVDA) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that NVIDIA CORP surfaced in its latest filing.

• The Ethereum 2.0 merge in 2022 reduced usage of GPUs for Ethereum mining, impacting aftermarket sales and demand for new GPUs.2022
• The EU AI Act became effective on August 1, 2024 and will be fully applicable after a two-year transitional period, potentially impacting NVIDIA's ability to train, deploy, or release AI models in the EU.August 1, 2024
• Several states have enacted AI regulations that took effect on January 1, 2026, which may impact NVIDIA's ability to train, deploy, or release AI models.January 1, 2026
• August 2022 USG export restrictions specifically impact A100 and H100 integrated circuits, DGX, or any other systems or boards incorporating A100 or H100 integrated circuits.August 2022
• July 2023 USG additional licensing requirement for a subset of A100 and H100 products destined to certain customers and other regions, including some countries in the Middle East.July 2023
• October 2023 USG licensing requirements for exports to China and Country Groups D:1, D:4, and D:5 of products exceeding certain performance thresholds, including A100, A800, H100, H800, L4, L40, L40S, RTX 4090, GB200 NVL72, and B200.October 2023
• April 2025 USG license requirement for export to China and D:5 countries of H20 integrated circuits and circuits achieving H20’s memory bandwidth, interconnect bandwidth, or combination, leading to a $4.5 billion charge in Q1 FY2026.April 2025
• Beginning August 2025, USG granted licenses to ship certain H20 products to China-based customers with an expressed expectation of receiving 15% or more of revenue.August 2025
• Beginning February 2026, USG granted licenses to ship small amounts of H200 products to specific China-based customers with a requirement for US inspection prior to shipment, subjecting imports to a 25% tariff.February 2026
• January 2025 AI Diffusion IFR would have imposed worldwide licensing on data center products like H200, GB200, and GB300 under a three-tier system, but was rescinded in May 2025 with a promised replacement rule of uncertain scope.January 2025
• Senate passed the GAIN AI Act in October 2025, restricting adaptation of export control rules and allowing private U.S. persons to review and overturn licensing decisions.October 2025
• Congress is considering the Remote Access Security Act (RASA), which could prohibit provision of cloud services to companies with ultimate parent headquartered in China.
• China's antitrust regulators published a preliminary finding on September 15, 2025 that NVIDIA’s compliance with U.S. export controls discriminated against customers in China and violated the terms of China’s approval of the Mellanox acquisition.September 15, 2025
• Following U.S. legislative proposals for mandatory chip features, China’s government publicly questioned whether NVIDIA H20 products have built-in vulnerabilities.
• The French Competition Authority is questioning whether gaming GPUs and data center GPUs are separate product categories, which may impact export controls on gaming products in France and Europe.
• The Chinese government has encouraged customers to purchase from China-based competitors and discouraged customers from purchasing, importing, or using NVIDIA data center products, including any China-specific product designed to comply with U.S. export controls.
• An agency of the Chinese government announced an Action Plan endorsing new standards regarding the compute performance per watt and per memory bandwidth of accelerators used in new and renovated data centers in China.
• The USG adopted 'Connected Vehicle' restrictions on the import and sale of certain automotive products in the United States.
• The USG is considering restrictions limiting NVIDIA's ability to support third-party applications and models built on open-source foundation models originating in China.