Chinese chipmaking stocks climbed Wednesday after a report said Beijing will restrict purchases of Nvidia H200 chips to special cases, like university labs. This move overshadowed U.S. approval for H200 sales to China. Semiconductor Manufacturing International Corp and Hua Hong Semiconductor rose in Hong Kong, while Cambricon and Moore Threads gained on mainland exchanges.

The policy shift reflects China's ongoing push for AI self-reliance. Despite recent progress, domestic foundries still trail global leaders in advanced manufacturing, making high-end AI chips difficult to produce locally. Beijing's cautious approval for Nvidia products aims to balance access for research with national security goals, while the country builds its own semiconductor ecosystem.

Broader tech shares rallied too, following strong IPO debuts from Chinese AI firms. MiniMax Group and Zhipu jumped 4.4% and 17%, respectively. Investors now watch whether Beijing's restrictions will tighten further, and if U.S. regulators will respond with more export controls, keeping Nvidia and Chinese chipmakers in a volatile position.