Nvidia Market Value Hits $5.4T Despite Zero China Revenue

Nvidia has reached a $5.4 trillion market value even as the company reports zero revenue from China after U.S. export controls. The company has flagged roughly $5.5 billion in charges tied to complying with the restrictions. CEO Jensen Huang confirmed Nvidia now records no revenue from China.

The U.S. Bureau of Industry and Security first imposed export controls on advanced AI chips in October 2022 and tightened rules again effective April 9, 2025. The limits target high-performance semiconductors used in artificial intelligence and machine learning systems. Nvidia’s core data-center products are among the items most directly affected by the controls.

Nvidia disclosed the anticipated charges and the zero-China revenue figure in public comments around the timing of the new rules. The company said the charges relate to measures required to comply with the export restrictions; filings and upcoming disclosures will show the timing and accounting treatment.

Short-term prediction markets tracking Nvidia’s May price targets showed weaker odds for specific price levels. One contract showed a 13.5% probability that Nvidia would hit $184 in May, down from 18% the previous day. Separate contracts put the probability of Nvidia being the world’s largest company by market capitalization at 83.5% for June 30 and 94.2% for the end of May.

Nvidia’s revenue mix has shifted toward AI-related products and data-center computing, which has supported investor demand for the shares despite the loss of China sales. The expected charges and the company’s public statements on China revenue are now part of Nvidia’s financial picture.

Upcoming earnings reports and regulatory filings are expected to provide more detail on how Nvidia will allocate the $5.5 billion in charges and the timing of any accounting entries. Any changes to U.S. export policy or carve-outs that affect sales into China could alter Nvidia’s reported revenue and the size of related charges.

The export controls are part of broader trade and technology tensions between the United States and China that have affected multiple semiconductor firms.