China's top three internet companies allegedly have stockpiled around 1 million H20 AI GPUs in anticipation of U.S export bans that took place earlier this month.

The companies spent more than $12 billion on the chips, according to the report, aiming to build up a year's supply before the new rules took effect. The H20 chips, designed to comply with earlier U.S.

Investing.com-- China’s major internet companies, including ByteDance, Alibaba (HK: 9988 ), and Tencent (HK: 0700 ), stockpiled billions of dollars worth of Nvidia’s (NASDAQ: NVDA) H20 artificial intelligence (AI) chips ahead of U.S. restrictions on their export, Nikkei Asia reported on Wednesday citing sources.