Bloomberg Tech

Episode: US Eases Path for Nvidia to Sell H200s to China
Date: January 14, 2026
Hosts: Caroline Hyde (New York), Ed Ludlow (San Francisco)

Episode Overview

This episode of Bloomberg Tech spotlights the U.S. Commerce Department’s new moves towards allowing Nvidia to export H200 AI chips to China—a significant shift in U.S. export controls. The episode explores the implications for Nvidia, AMD, and the broader semiconductor market. The conversation also pivots through major private and public market stories, including funding in robotics (Skilled AI), shakeups at Airbnb, Netflix’s bid war for Warner Bros. Discovery, and legal action against AI-generated non-consensual content.

Key Discussion Points & Insights

1. U.S. Eases Nvidia H200 Chip Export Controls to China

[02:42] - [06:03]
Guest: Mike Shepard (Bloomberg Senior Tech Editor)

• New Policy Details:

  • The U.S. Commerce Department is shifting from an outright presumption of denial on AI chip exports to case-by-case reviews.
  • Export requests must show no threat to U.S. supply, cannot affect domestic capacity, and must implement “know your customer” checks.
  • "This is a small but critical bureaucratic step that paves the way for Nvidia and AMD to be able to sell H200 and comparable AI chips to China." – Mike Shepard [03:20]

• Potential Impact & Market Reaction:

  • Markets reacted with Nvidia stock down and AMD volatile.
  • A cap: Exports to China may not exceed 50% of total U.S. product (uncertainty about baseline and implementation lingers).
  • Major Chinese companies like Alibaba and ByteDance are eager buyers, but U.S. restrictions could severely limit quantities.
  • Delays in government processing could bottleneck approvals.

2. Nvidia’s Long-Term China Revenue Opportunity

[06:19] - [11:31]
Guest: Beth Kindig (IO Fund Lead Tech Analyst)

• Market Size:

  • "Jensen Huang has stated it's a $50 billion per year annual opportunity" [06:19]
  • Analysts may be underestimating Nvidia’s growth, particularly if China revenue resumes.
  • “The next Nvidia is Nvidia. They are extremely hard to disrupt. That goes for China or even U.S. competitors.” – Beth Kindig [07:28]

• China’s Response & Supply Constraints:

  • Chinese companies are building domestic alternatives, but Nvidia remains oversubscribed (2 million H200s demanded, only 700,000 available).
  • Precise timing of resumed China sales and government approval process remains a wildcard.

3. Data Center Growth & Commodities (Copper)

[09:05] - [10:45]

• Copper as a Bottleneck:
  • Global copper prices are surging (10% rise), critical for AI/data center build-outs.
  • "In order for us to get to Vera Rubin and then Rubin Ultra, power has to precede that." – Beth Kindig [09:33]
  • Power grid, alternative energy, and networking, not just compute/GPU supply, will become chokepoints.

4. AMD, Intel & Market Landscape

[11:31]

• AMD and Intel remain strong CPU contenders with their own innovations (rack scale architecture, Helios).
• OpenAI's 6-gigawatt deal with AMD is notable market validation.
• Shift from purely compute/GPU constraints to bottlenecks in power and networking.

5. Legislation Against Non-Consensual AI Images

[13:52] - [16:52]
Reporter: Emily Bambam (Bloomberg)

• Defiance Act:
  • Senate has passed a bill allowing victims of AI-generated explicit images to sue perpetrators.
  • Public outrage is driving bipartisan support—"I think the appetite has really broadened this year." – Emily Bambam [15:35]
  • Questions remain on platform liability (e.g., X/Twitter, Grok AI).

6. Airbnb’s New CTO, AI Focus, and Executive Changes

[19:29] - [22:47]
Reporter: Natalie Long (Bloomberg)

• Strategy:

  • New CTO Ahmad Aldali brings a focus on integrating AI deeply into user features.
  • Emphasis on “craft” in leveraging AI for better personalization.
  • "We are at the beginning of this incredibly exciting technological transformation with AI." – Brian Chesky [20:36]

• Business Moves:

  • Testing boutique hotels and grocery delivery as rental market matures.
  • More executive reshuffles expected as part of pivot.

7. Netflix All-Cash Bid for Warner Bros. Discovery

[22:47] - [25:48]
Reporter: Lucas Shaw (Bloomberg Screen Time)

• Deal Dynamics:

  • Netflix shifts to an all-cash offer to decisively compete against Paramount's bid.
  • "Investors like cash now... Netflix hopes will accelerate on many fronts." – Lucas Shaw [23:20]
  • Confidence persists inside Netflix they've never been out of the lead; federal/governmental roadblocks are still possible but not yet imminent.

• Bid Differences:

  • Netflix’s offer: studio and streaming (Warner Bros., HBO)
  • Paramount: whole company (includes CNN, TNT, TBS, etc.)

8. Skilled AI’s $1.4B Raise and the Future of Robotics

[27:22] - [33:14]
Guest: Deepak Pathak (Skilled AI co-founder & CEO)

• Innovation Focus:

  • "The main thing behind not having robots around us today is the brain is missing. We are building... one bodied brain. Any robot, any task, one brain." – Deepak Pathak [28:15]
  • Combines learning from human videos and simulation—"videos alone is not enough, sim alone is not enough. But put them together and boom, you have a magic recipe." [32:23]

• Market Success:

  • Already generating millions in revenue from enterprise deployments (delivery, security, warehouse).
  • Faces competition but unique omni-bodied brain approach.

9. Security Startup "Depth First" Raises $40M

[36:18] - [42:28]
Guest: Sarah Edelston (Accel Partner)

• AI in Cybersecurity:

  • Depth First uses AI agents to proactively harden code, claiming 8x more verified vulnerabilities found than previous best in class.
  • “Finding real problems... press one button and say fix it." – Sarah Edelston [37:00]
  • Focus on performance, speed, and low false alarm rates is critical for both investors and customers.

• Outlook:

  • Long-term ambition for IPO; technical team from DeepMind, Databricks, FAIR.
  • Importance of security as AI-accelerated code generation and automation proliferate.

10. Slack Bots, Claude AI, and Enterprise Productivity

[42:44] - [46:20]
Guest: Rob Seaman (Slack Interim CEO)

• AI Integration:
  • Upgraded Slack bot powered by Anthropic’s Claude, keeping data within Slack’s security perimeter.
  • Use cases include finding documents, pronouncing names, smart automation for enterprise.
  • "Week over week retention for Slack Bot is higher than any other feature we've ever had in Slack." – Rob Seaman [45:42]

11. Spotify’s New Co-CEOs and Competitive Threats

[46:20] - [49:44]
Reporter: Ashley Carman (Bloomberg Business Week)

• Leadership and Product:

  • New co-CEOs Gustav Soderstrom and Alex Norström inherit a mature platform facing low growth and rising competition (notably YouTube).
  • "They really want to give people both this personalization, more options showing up where people are." – Ashley Carman [47:16]

• New Initiatives:

  • Exploring fitness content, AI-driven playlists, integration with new hardware and partners.
  • Both co-CEOs bring unique backgrounds—a “yin and yang” balance.

Notable Quotes

• “This is a small but critical bureaucratic step that paves the way for Nvidia and AMD to be able to sell H200 and comparable AI chips to China.” – Mike Shepard [03:20]
• “The next Nvidia is Nvidia. They are extremely hard to disrupt. That goes for China or even U.S. competitors.” – Beth Kindig [07:28]
• "We are at the beginning of this incredibly exciting technological transformation with AI." – Brian Chesky [20:36]
• “The main thing behind not having robots around us today is the brain is missing ...one bodied brain. Any robot, any task, one brain.” – Deepak Pathak [28:15]
• “Finding real problems and then also serving up a solution...press one button and say fix it.” – Sarah Edelston [37:00]
• “Week over week retention for Slack Bot is higher than any other feature we've ever had in Slack.” – Rob Seaman [45:42]

Timestamps for Key Segments

• US export controls on AI chips: [02:42] – [06:03]
• Nvidia’s China opportunity, market analysis with Beth Kindig: [06:19] – [11:31]
• Copper, data center growth, supply chain: [09:05] – [10:45]
• Legislation on non-consensual AI images: [13:52] – [16:52]
• Airbnb’s CTO change and AI strategy: [19:29] – [22:47]
• Netflix/Warner Bros. Discovery bid update: [22:47] – [25:48]
• Skilled AI CEO Deepak Pathak interview: [27:22] – [33:14]
• Depth First cybersecurity funding: [36:18] – [42:28]
• Slack AI integration: [42:44] – [46:20]
• Spotify leadership and competition: [46:20] – [49:44]

Episode Tone & Language

The conversation is dynamic and confidence-driven, with rapid pivots among expert guests. Hosts engage analytically but accessible, blending crisp market analysis with forward-looking tech optimism.

Summary prepared for listeners and non-listeners alike—capturing the full spectrum of financial, technical, and societal implications of today’s biggest technology headlines.