Note № 001
NVIDIA added a sentence about competition in China that was not in last year's 10-K.
Two sentences appear in Item 1A of the FY2025 filing with no counterpart in FY2024. Both are about the same thing: not the export controls themselves, which NVIDIA has disclosed for years, but who is selling into China while the controls hold.
[added] The market in China, where our offerings are limited by export controls, is highly competitive and we expect it to remain competitive going forward.
Filing text · FY2025 10-K · Item 1A
[added] The Chinese government may also encourage customers to purchase from our China-based competitors, or impose restrictions on the sale to certain customers of our products, or any products containing components made by our partners and suppliers.
Filing text · FY2025 10-K · Item 1A
The licensing requirements may benefit certain of our competitors, as the licensing process will make our pre-sale and post-sale technical support efforts more cumbersome and less certain and encourage customers in China to pursue alternatives to our products, including semiconductor suppliers based in China, Europe, and Israel.
Filing text · FY2025 10-K · Item 1A
For scale
Item 1A grew by about half a page between the two filings. The two sentences above are part of that, not the whole of it.
Check this yourself
It takes about two minutes and you do not need us for any of it.
- 01
Open the FY2025 10-K on SEC.gov and search Item 1A for “the market in China”.
- 02
Open the FY2024 10-K and search the same section for the same phrase. It is not there.
- 03
The unchanged sentence above is in both, a few paragraphs away, if you want to find your place.