“Hello, CEO Huang.”
“Welcome. It’s been quite a while, hasn’t it?”
“Yes. Have you been well?”
A private meeting with CEO Jackson Huang.
When I asked after him briefly, he returned a bitter smile.
He likely had not been well. The challenges from Big Tech over GPU supremacy were considerable.
Ordinarily, he had always taken the stance of offering advice, saying his competitors’ technological innovations were “impressive” and that he “supported” them. But regarding the TPU technology recently announced by Google, he had openly emphasized that it was a step below Nvidia’s GPUs.
His previous interview, in which he stressed that Google was still their customer, had been interpreted as implying that Nvidia’s technology still held the upper hand.
“Of course. Why wouldn’t I be well? Our next-generation chip, Blackwell, is already sold out, and our revenue this quarter exceeded market expectations. Hahaha.”
“That’s a relief.”
“I was actually hoping to meet you separately, Sejun, regarding our last contract.”
“Yes, please go ahead.”
“The H200 supply contract we promised back then will proceed within this year. Securing tens of thousands of units was difficult, but even if I have to reduce the allocations for my existing customers, I will make sure Korea receives them.”
“Thank you.”
“No need to thank me. Thanks to the generous price you offered, our H200 supply price went up a bit too. Thanks to that, I got to push back against Big Tech for once, so I should be the one thanking you. Hahaha.”
CEO Huang, who had been racking his brains, smiled brightly at least in front of me.
It was only natural. The quantity I had ordered last time was at least in the tens of thousands. Recently, Nvidia had also been developing its next-generation GPU, Blackwell, and demand for the H200 had been sluggish, but with Korea’s additional orders, the market price had soared again.
“Thank you, CEO Huang. However, that isn’t why I asked to meet you today.”
“You had another matter? What is it?”
“CEO Huang. These days, with Big Tech developing their own chips, you must be feeling rather uneasy.”
When I brought up an uncomfortable topic, his expression soured.
“Haha... These days, that’s all anyone I meet talks about. Why? Have you changed your mind too, Sejun? Are you going to cancel the H200 order and buy TPUs?”
“Of course not. Within our NPS, we assess Pichai’s remarks about proprietary chips as highly exaggerated.”
“That’s right. That man’s words and actions don’t match. He made such a bold announcement in public, but behind the scenes he’s been placing orders with us very diligently. Worried someone else might take them, he’s placed massive orders not just for H200s but even for Blackwell.”
“Yes, yes.”
“So don’t believe that braggart. Nvidia’s technology is still the best in the industry.”
“I think so as well. I’m certain Pichai must have been running Nvidia GPUs like mad behind the scenes for Gemini 3.0 too.”
I agreed with him with all my might.
If my memory was correct, Nvidia’s GPU dominance would not fade easily at all. Rather, Nvidia invested even more aggressively in GPT and took the lead in building the AI order.
Nvidia’s accounts receivable, which had recently become an issue, were also part of such efforts. For Nvidia, AI innovation was important, but more than anything, the AI ecosystem they had built was more important. It meant that even if AI advanced, it had to be AI built with their chips.
Accordingly, they had been supplying chips first to companies like GPT through all sorts of methods—credit sales, bonds, promissory notes—and the result of that was their accounts receivable.
“Exactly right. I think the same. The theory that AI is a bubble is just the petty spite of people who failed to buy the stocks.”
After the meeting continued like that for about an hour, I was able to see his expression completely brighten.
“In any case, thank you, Sejun. I was already frustrated because there’s been no one I can really talk to lately, but speaking with someone of such outstanding insight makes me feel as though a weight has been lifted from my chest.”
“Why? I’m sure Nvidia’s key executives all think the same.”
He gave a rotten smile.
“I wish my executives were even half as good as you, Sejun.”
“Pardon?”
“The truth is, recently I proposed raising the prices of our chips. According to the principle of supply and demand, if all our customers are lining up and waiting, shouldn’t we naturally be able to raise prices?”
“Of course.”
“But everyone opposed it. The CTO, and even the CFO, all practically screamed.”
“...Why?”
“Why else? They’re terrified by that Pichai fellow’s bluster.”
A slight anger appeared on his face.
“They say that when our position in compute chips is already precarious, if we raise prices, our customers will leave or whatnot.”
“Ah...”
“They had plenty of things to say, this and that, but from what I felt, the root problem was ultimately one thing.”
“What was that?”
“A lack of confidence. The conviction that our product is the best! Because they don’t have that, all they do is worry about customers leaving. Cowards, the lot of them.”
When the atmosphere I wanted had been created, I answered him as if I had been waiting.
“If I may, CEO Huang. Isn’t that problem solved as long as demand is confirmed?”
“Hmm?”
“I don’t think your thinking is wrong. Production volume is fixed anyway, so if demand rises further, prices will naturally increase.”
“Of course. But as my executives said, demand hasn’t suddenly increased either, so it’s difficult for me to make the decision easily.”
“What about China?”
“Hmm?”
“If Nvidia chips are supplied to China, wouldn’t demand naturally explode?”
CEO Huang, who had been laughing along with me until now, looked at me with a grave expression.
“Sejun. Why are you suddenly saying something absurd? Washington has its eyes blazing as it controls exports to China. How could we sell to China?”
“Because it looks like that will soon be lifted.”
“W-what?”
“I heard it from someone deeply involved in American politics. The U.S. Department of Commerce, including Lutnick, is currently considering resuming exports. President Donald is favorably inclined toward it as well.”
“W-what are you talking about? Who gave you that hint?”
I casually threw out any name that came to mind.
“...Ivanka.”
His face went pale.
“No, then it’s practically a done deal!”
Ironically enough, it was during the Donald administration, which hated China so much, that the United States lifted export controls on the H200.
There was a practical reason.
The U.S. Department of Commerce had already determined that a considerable number of H200s had made their way into China, and since Blackwell GPUs, a generation ahead of them, had been developed, they lifted controls on the downgraded H200. They also opened the gates in order to incorporate China into the order they had built, rather than letting China establish an entirely different AI ecosystem.
“Unbelievable... Truly unbelievable.”
CEO Huang looked confused, but he could not hide the corners of his mouth subtly rising.
Putting aside the contest between nations, China was a land of opportunity for Nvidia. If exports were resumed, the GPU market would suffer an even greater supply shortage than now. It meant Nvidia’s revenue would soar through the roof once again.
“Of course, nothing has been fully decided yet. But efforts are being made diligently behind the scenes.”
“By you, Sejun?”
“Yes.”
“Aren’t you Korean, Sejun? Why would you do this for China?”
“For business reasons I cannot disclose. If you are amenable, I will persuade the U.S. Department of Commerce for Nvidia’s sake as well.”
CEO Huang cautiously gauged my expression.
“Fine. In any case, that doesn’t seem like something I need to concern myself with. Then what is it you want, Sejun?”
“Nvidia chips. The best-performing, most reliable GPU chips in the world—Nvidia’s.”
CEO Huang looked at me with wary eyes.
“So what you’re saying, Sejun, is that you’ll help get the U.S. authorities to release H200 chips to China, and in return, you want me to secure Korea’s allocation. Is that it?”
“Yes, that’s correct.”
“Something about this feels a bit strange. It’s odd that you, a Korean, would help exports to China, and it’s odd that the White House would loosen its containment of China.”
“CEO Huang...”
“But then again, under the Donald administration, it also makes me think there’s nothing that can’t happen.”
Cold sweat gathered in my palms.
In truth, there was nothing I was doing regarding the U.S. authorities’ resumption of H200 exports. I only knew from my memories that it would happen in the future.
However, CEO Huang already seemed more interested in the enormous Chinese market that would unfold than in my awkward lie.
“Well... if that is the case, what reason would I have to refuse your request, Sejun? Let’s do it. If the U.S. authorities hand the Chinese market to us at Nvidia, I will specially secure Korea’s allocation. You won’t need to buy them at twenty times the price like last time. I will secure at least another 100,000 units for you at the price we supply to Big Tech.”
“Thank you.”
“But this is all under the premise that ‘the authorities lift the controls.’ If what you say is wrong, Sejun, then from now on I will never take your calls again. Are you still fine with that?”
“Of course. But CEO Huang, in that case, may we make one more request?”
“Haha. It must truly be rather certain information. Say anything you like. Shall I give you 200,000 units? H200s?”
With not a trace of laughter on my face, I said to him,
“Give us Blackwell.”
“W-what?”
“I may not know much else, but I at least know that soon the H200 will be the previous generation, and Blackwell will become the latest model. For Korea, whose AI technology is already far behind, this is a golden opportunity to make up for our technological gap.”
“But those units are already...”
“The Chinese market will be an unimaginably huge opportunity for Nvidia. Is even the latest model impossible for Korea, which is helping you with that?”
I emphasized it once more to him, who had lost his words.
“I don’t mind if you overcharge us twentyfold again like last time. CEO Huang, please promise us Blackwell.”
*
The Oval Office of the White House.
Donald, who had emptied five glasses of Coke Zero, let out a monstrous belch and asked,
“You want to sell H200s to China?”
It was extremely humiliating, but Thomas, the deputy secretary of commerce, clenched his fists and nodded.
Today was an extremely important day. The United States, which had been competing fiercely with China over AI, had to change course.
Toward hostile coexistence with China.
“That is correct, Mr. President.”
“Deputy Secretary Thomas. Are you saying this because you don’t know who America’s greatest enemy is right now?”
“With all due respect, we must lift the restrictions precisely because they are our enemy.”
“What is that supposed to mean?”
“The AI ecosystem our Big Tech companies have built is a system that can only run on our chips and our technology. Just as every computer in the world uses Windows. But if China builds an entirely different AI ecosystem and challenges our market with that system, we cannot guarantee the future. It would be like China creating a system to replace Windows and competing with it.”
Donald, who ordinarily rejected anything Deputy Secretary Thomas said on principle, endured his long explanation this time.
He turned his head.
Secretary Lutnick, his representative loyalist and right-hand man, also had an expression of agreement.
And when his explanation ended, a woman who did not fit this setting at all joined the meeting.
“Dad, I don’t know much about this field, but I think Deputy Secretary Thomas is right!”