NVIDIA GPUs are running out on the Chinese black market, with prices reaching 160 million yen per server.

China has banned the import of high-performance NVIDIA GPUs. However, there are a large number of companies and organizations in China that need high-performance GPUs for AI development and operation, and NVIDIA GPUs are being traded through unofficial channels. Reports indicate that NVIDIA GPUs are becoming scarce and prices are soaring in this Chinese black market.

Exclusive: Prices of Nvidia's B300 server at $1 million in China on US curbs, sources say | Reuters
https://www.reuters.com/world/china/prices-nvidias-b300-server-1-million-china-us-curbs-sources-say-2026-04-30/

AI chip designer Cambricon vaults to China's costliest stock after profits soar 185% | South China Morning Post
https://www.scmp.com/tech/article/3351894/revenue-jumps-chinas-cambricon-metax-amid-thirst-domestic-ai-chips

High-performance GPUs are essential for AI development and operation. In China, numerous companies such as DeepSeek, Alibaba, and Z.ai are working on developing AI models, resulting in a very high demand for high-performance GPUs. The U.S. government had prohibited companies like NVIDIA from selling semiconductors above a certain performance level to China, but in January 2026, it reversed its policy to allow transactions if certain conditions are met.

The US government has announced new regulations for exporting NVIDIA and AMD AI chips to China, allowing restricted exports of the H200 and MI325X chips - GIGAZINE

However, even though the US government has authorized exports, the Chinese government has not authorized imports, and as of the time of writing, formal exports and imports of high-performance GPUs for data centers, such as the B300, have not yet begun.

The Chinese government has issued a notice to tech companies stating that NVIDIA's H200 chips are an embargoed item and should not be imported - GIGAZINE

In China, high-performance NVIDIA GPUs were being imported and traded via third countries. However, according to information obtained by Reuters from four sources familiar with the matter, GPUs began to become scarce from January 2026, causing prices to skyrocket. As of April 30, 2026, B300 servers were reportedly trading for approximately 7 million yuan (approximately 160 million yen) each. While NVIDIA has not disclosed the official trading price of the B300, Reuters points out that 'in the United States, they are trading for approximately $550,000 (approximately 86 million yen) each.' In other words, high-performance NVIDIA GPUs are trading in China at twice the price they are in the United States.

As NVIDIA GPUs become increasingly difficult to obtain, GPU manufacturers based in China, such as Cambricon Technology and MetaX, are beginning to emerge. Cambricon Technology's profits for the first quarter of 2026 reached 2.89 billion yuan (approximately 64 billion yen), a 185% increase compared to the same period last year.