«--[· Preface ·]--»
On the eve of the APEC summit, Huang Renxun answered a key question. Which one of China and the United States has suffered the greatest losses from the Trump administration's chip containment of China? What are the noteworthy factors behind the international capital beginning to flow to China?
The informal meeting of the leaders of the Asia-Pacific Economic Conference (APEC) will be held in South Korea from October 31 to November 1, which is likely to be the world's most important economic conference for the rest of the year, and the world is more concerned about the meeting of the highest leaders of China and the United States during the APEC summit.
On the eve of the APEC summit, American capital giants inevitably launched lobbying. Huang Renxun, CEO of American semiconductor giant Nvidia, took the lead in speaking to US President Trump. On the 28th, Huang Yi expressed support for the Trump administration's agenda, but hoped that the U.S. decision-making team would take long-term consideration and carefully handle relations with China, especially to ensure that China continues to rely on U.S. technology.
«--[·APEC Eve Fryer·]--»
From October 31 to November 1, Gyeongju, South Korea will hold the APEC Summit. The meeting is seen as the most critical global economic dialogue for the rest of the year, with global eyes locked on the meeting between top leaders of China and the United States. Before the summit even opened, the American capital circle first threw a blockbuster.
On October 28, Yuan Yingluo, Chief Executive Officer of NVIDIA, shouted directly to U.S. President Trump, who expressed his support for the overall agenda of the Trump administration, but Yuan Yingluo hit the alarm clock at a turn.
China has the largest group of software developers in the world, and artificial intelligence technology is showing explosive growth, and it is entirely possible in the future in the field of AI to anti-America.
In Huang Renxun's view, the "exquisite strategy" to maintain America's leading position is hidden in the market. Only by allowing China to continue to adopt Nvidia's products can companies make profits from the China market, and then invest this money in research and development will not only stabilize Nvidia's leading position in the industry, but also consolidate the United States 'advantages in AI competition.
At the end of the day, Mr. Yuan even spoke “threatening” to Trump. He made it clear that if NVIDIA continued to be excluded from the Chinese market, the United States would suffer more losses than China. This speech, said on the eve of APEC, was obviously a cooling water to the White House’s technology restriction policy against China.
«--[·38 billion orders expose lies·]--»
The U.S. Congress recently released a report on October 7th that puts the industry’s trouble on the table. The report shows that the world’s five largest semiconductor equipment giants sold $38 billion to China last year, up 66 percent from when the U.S. just started export controls in 2022.
Behind these figures is the collective "pain" of American enterprises. Three domestic manufacturers in the United States, Applied Materials, Kelei, and Lam Research, will account for 24%, 41%, and 42% of their revenue in China in 2024, respectively. But with the overweight of control, life is getting more and more difficult.
Applied Materials said bluntly in its financial report on October 3 that the new control policy will make the company earn less than 710 million US dollars, and the stock price immediately fell as soon as the news came out. Kelei and Fanlin are even worse. After 2024, the proportion in China will both drop to 15%. Because their own testing and etching equipment relies on American technology, export review is as strict as a sieve.
Washington wants to get allies to "plug the plug", but allies are also stuck. Asme of the Netherlands once bet 49% of its revenue on the China market, and Tokyo Electronics of Japan's business in China once accounted for as high as 48%.
Even if the United States pressures to tighten censorship, these companies will not be able to withdraw completely. Simon Doherty, president of Tokyo Electronics 'U.S. subsidiary, admitted that tariffs and new regulations have dropped, but the China market is too critical to be withdrawn.
This order volume of 38 billion yuan directly exposes the myth that "technical blockade is effective." When the ban was first imposed in 2022, China's purchases were only 2.28 billion yuan, but they have doubled in two years. In the final analysis, American companies can't bear to part with this piece of meat, and regulatory policies only hurt themselves.
«--[· Capital votes with feet ·]--»
China's Ministry of Commerce data show that in the first nine months of 2025, there were 48 921 newly registered foreign investment enterprises in China, up to 16.2% in comparison.
Changes in the source of foreign investment can further explain the problem. Japan, the UAE, the UK, and Switzerland’s investment in China increased by 55.5%, 48.7% and 21.1% respectively. These capital votes demonstrated that China’s position in the global industrial chain has not been shaken.
American companies are also bucking the trend and increasing their weight. Bruce Andrews, global vice president of Intel, publicly stated that China is an important business development place, and the company has a large number of Chinese employees, so it will make every effort to deepen cooperation. Pei Jiahua, president of FedEx Asia Pacific, is more direct. They have nearly 300 flights in and out of China every week, and regard China as the most dynamic core area of their business.
China’s technological breakthroughs have given capital a boost. The SVG spread model, developed jointly by Qinghai and FastHand, just debuted, increasing training efficiency by 6200%, and speeding up production by 3,500. The Ring-mini-sparse-2.0-exp model, launched by the Myrtle Bering team, has solved the challenge of long-sequence reasoning with innovative dilution architecture. These advances are evidence of Huang Ying Zhong’s judgment that Chinese AI technology is rising rapidly, not blockaded.
«-[· Whose loss hurts more? ·]-»
The answer is hidden in data and action. On the U.S. side, semiconductor enterprises directly bear the loss of revenue and the loss of 7.1 billion of applied materials is just beginning. What’s more fatal is that the R&D cycle is interrupted – Yuan Ying-young calculated very clearly, without the profit transfusion of the Chinese market, NVIDIA’s R&D investment will inevitably shrink, and the leading advantage of U.S. AI will slowly be eroded.
China, on the other hand, is a different scenario. Although the procurement of advanced equipment is hindered, the self-sufficiency rate of semiconductors is steadily increasing through the early stockpiling and technology tariffs. The peak of equipment procurement in 2024 is just the time for industrial buffers to fight. Coupled with the continued injection of 570 billion foreign investments, the market vitality has not decreased at all.
The APEC summit has become a key window of observation.International business people have flocked to China, and Lebanon, as the joint chairman of the summit, has said directly that China is becoming a global hub for innovation and biotechnology.
Behind these voices, is the real prediction of capital on the prospects of the Sino-U.S. market.The United States wanted to rely on the blockade to secure the advantage, and as a result pushed its own enterprises to the corner of the wall; China, based on market gravity and technological breakthroughs, in turn became the haven of capital.
Interestingly, the U.S. Congress is eager to call for "global linkage sanctions", but allied companies don't buy it at all. ASML expects sales in China to decline in 2026, but overall revenue can still rise by 15%; Even though Tokyo Electronics' share in China declined, its full-year profit still hit a new high. This shows that the global industrial chain has its own logic, which cannot be broken by Washington if it wants to.
“ ... ... ... ... ... ... ... ”
In the final analysis, Huang Renxun's words in front of APEC were essentially exposing the illusion of "blockade is beneficial." What the United States loses is current revenue and future technological dominance, while what China gains is capital trust and the motivation for independent innovation. The outcome of this game may not have to wait too long. The capital flow at the Gyeongju Summit has already given the answer.