Currently, the company with the highest market capitalization in the world is not Apple or Microsoft, but NVIDIA.

NVIDIA's current market capitalization stands at a staggering $3.597 trillion, equivalent to 26 trillion yuan in Chinese currency. How astounding is 26 trillion yuan? Last year, Guangdong Province's GDP was 13.57 trillion yuan, meaning this figure is roughly equivalent to Guangdong's GDP for two years.

Why is NVIDIA so dominant? It's undoubtedly because in the era of AI, everyone needs AI graphics cards, and NVIDIA monopolizes over 90% of the global AI chip market, raking in huge profits over the past two years.

It's worth noting that just two years ago, in November 2022, NVIDIA's market capitalization was around $1 trillion. In just two years, it has surged to over $3 trillion, making it the global leader, showcasing the frenzy surrounding AI.

Of course, some believe that NVIDIA's high market capitalization represents a colossal bubble. As AI continues to advance, the computing power of AI chips has become excessive, and small businesses worldwide will struggle to survive, with only large enterprises enduring.

Moreover, some large enterprises either develop their AI chips or purchase sufficient AI chips and may no longer need to buy more. However, these are concerns for the future.

Despite NVIDIA's market capitalization reaching 26 trillion yuan, making it the global leader, it remains anxious about the Chinese market.

Firstly, NVIDIA is still unable to sell certain chips to mainland China. Currently, NVIDIA's revenue level in China is still below what it was before the ban, causing the company to lose out on significant earnings.

Data shows that in the third quarter, NVIDIA still sold $5.4 billion worth of products in mainland China, ranking third. The top two markets were the United States and Singapore, followed by Taiwan, China. However, without the ban, NVIDIA's sales in China would have surely experienced explosive growth, given that China's AI development is on par with that of the United States.

Secondly, as NVIDIA's advanced products cannot be sold in China, various domestic AI chips have emerged in China, which may gradually replace NVIDIA's products, preventing them from being sold in China in the future.

NVIDIA has repeatedly expressed this view, believing that the ban will cause it to lose the Chinese market as China adopts its AI chips and no longer needs NVIDIA.

Without access to the entire Chinese market, NVIDIA's profitability is inevitably imperfect. With full revenue from the Chinese market, NVIDIA's market capitalization could exceed $4 trillion due to improved performance.

However, the ban has laid many traps for NVIDIA, such as China's self-sufficiency in the market and even the eventual export of AI chips from China, competing for NVIDIA's market share. Therefore, even with a market capitalization of 26 trillion yuan and no global competitors, NVIDIA remains anxious about the Chinese market.