China's Chip Exports Double To $31 Billion As US Restrictions Fuel AI Demand

China's chip exports surged to a record $31 billion in April, a 100% year‑over‑year increase and triple the level from two years ago, driven by strong demand for AI‑related semiconductors and devices. Overall Chinese exports rose 14% YoY to $359 billion in April, with semiconductors, computers and other AI products accounting for roughly half of the export growth, per Goldman Sachs and Nomura. U.S. export curbs — including limits on Nvidia chips — have accelerated local production and spurred Chinese firms (SMIC, Hua Hong, Huawei‑linked suppliers, Moore Threads) to scale up, while domestic industry calls for alternatives to ASML’s EUV tools highlight efforts to build a local supply chain. Market impact: bullish for Chinese semiconductor manufacturers and broader AI supply chains, but potentially mixed for Nvidia given export restrictions and accelerating local competition.