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One of Chinas largest server makers, H3C, has flagged potential shortages of Nvidia’s H20 chip, the most advanced AI processor legally available domestically under U.S. export controls, in a client notice seen by Reuters. The potential supply crunch could create obstacles for China’s artificial intelligence ambitions at a time when its tech firms are aggressively expanding their investments in AI. “H20’s international supply chain faces significant uncertainties,” the company said in Tuesday’s notice, adding that current inventory was nearly depleted. Geopolitical tension that is roiling global trade and supply of key materials was responsible for the uncertainty, it added, saying new shipments were expected by mid-April this year. After publication, a Nvidia spokesperson said the company declined to comment. In a statement to Reuters following publication, H3C said “after verification, neither the company nor any of its departments have issued this notice or its related content.” Demand for H20 chips has surged in recent months as companies rush to adopt Chinese AI startup DeepSeek’s cost-effective AI models. Tencent, Alibaba, and ByteDance have significantly increased orders of the H20 since the Chinese AI startup burst into the global public consciousness since January, Reuters reported last month. The Chinese server maker said supply plans beyond April 20 also face uncertainties from raw material policy changes, shipping disruptions, and production challenges. In the notice, H3C said it would distribute incoming H20 chips on the basis of a profit-first principle, prioritizing stable, long-term customers with higher profit margins on their orders. H20 processors are currently scarce in the Chinese market, said an industry source, who distributes AI servers including those that make use of H20 chips. “We were told the chips would be available, but when it came time to actually purchase them, we were informed they had already been sold at higher prices,” added the source, who sought anonymity given the information is private. U.S. officials were considering curbs on sales of H20 chips to China, Reuters reported in January. H3C is a major OEM partner for Nvidia’s AI chips in China, alongside others such as Inspur, Lenovo, and Huawei’s spin-off x86 server unit, xFusion. The primary chip Nvidia is legally permitted to sell in China, the H20 was launched after the latest round of U.S. export restrictions took effect in October 2023. Washington has banned exports of Nvidia’s most advanced chips to China since 2022, concerned that its rival could use advanced technologies to build up its military capabilities. Analysts estimate Nvidia shipped about one million H20 units in 2024, generating revenue of more than $12 billion for the company. Huawei and Cambricon offer domestic alternatives to the H20. Liam Mo, Che Pan, Fanny Potkin and Brenda Goh, Reuters
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President Donald Trump on Thursday revealed his intention to force changes at the Smithsonian Institution with an executive order that targets funding for programs that advance “divisive narratives” and “improper ideology,” the latest step in a broadside against culture he deems too liberal.Trump claimed there has been a “concerted and widespread” effort over the past decade to rewrite American history by replacing “objective facts” with a “distorted narrative driven by ideology rather than truth,” adding that it casts the “founding principles” of the United States in a “negative light.”The order he signed behind closed doors puts Vice President JD Vance, who serves on the Smithsonian Institution’s Board of Regents, in charge of overseeing efforts to “remove improper ideology” from all areas of the institution, including its museums, education and research centers, and the National Zoo.It marks the Republican president’s latest salvo against cultural pillars of society, such as universities and art, that he considers out of step with conservative sensibilities. Trump recently had himself installed as chairman of the John F. Kennedy Center for the Performing Arts with the aim of overhauling programming, including the annual Kennedy Center Honors awards show. The administration also recently forced Columbia University to make a series of policy changes by threatening the Ivy League school with the loss of several hundred million dollars in federal funding.The executive order also hints at the return of statues and monuments of Confederate figures, many of which were taken down or replaced around the country after the police killing of George Floyd in Minneapolis in 2020 and the rise of the Black Lives Matter movement, which is detested by Trump and other conservatives.The order also calls for improvements to Independence Hall in Philadelphia by July 4, 2026, in time for the 250th anniversary of the signing of the Declaration of Independence.Trump singled out the National Museum of African American History and Culture, which opened in 2016 near the White House, the Women’s History Museum, which is in development, and the American Art Museum for criticism.“Museums in our Nation’s capital should be places where individuals go to learnnot to be subjected to ideological indoctrination or divisive narratives that distort our shared history,” he said.Linda St. Thomas, the Smithsonian Institution’s chief spokesperson, said in an email late Thursday, “We have no comment for now.”Under Trump’s order, Vance will also work with the White House budget office to make sure future funding for the Smithsonian Institution isn’t spent on programs that “degrade shared American values, divide Americans based on race, or promote programs or ideologies inconsistent with federal law and policy.” Trump also wants to ensure that the women’s history museum celebrates women and not “recognize men as women in any respect.”It also requires the interior secretary to reinstate monuments, memorials, statues, and similar properties that have been removed or changed since January 1, 2020, to “perpetuate a false reconstruction of American history, inappropriately minimize the value of certain historical events or figures, or include any other improper partisan ideology.”The Smithsonian Institution is the world’s largest museum, education, and research complex. It consists of 21 museums and the National Zoo. Eleven museums are located along the National Mall in Washington.The institution was established by Congress with money from James Smithson, a British scientist who left his estate to the United States to found “at Washington, under the name of the Smithsonian Institution, an establishment for the increase and diffusion of knowledge.” Darlene Superville, Associated Press
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E-Commerce
Today is the initial public offering for one of the most anticipated stock market listings of the year. Its the day when shares in AI infrastructure company CoreWeave, Inc. will begin trading. However, the companys public listing isnt without some last-minute surprises. Heres what you need to know about CoreWeaves IPO. What is CoreWeave, Inc.? CoreWeave, Inc. hasnt always been known by its current name. The company was originally founded in 2017 as Atlantic Crypto. As its original name suggests, the company operated in the cryptocurrency industry and focused on crypto mining infrastructure using graphics processing units (GPUs), notes CNBC. However, in 2019, the company pivoted and began offering its powerful GPU resources to companies working in the burgeoning AI space. Today, CoreWeaves main business is in providing AI infrastructure to AI companies. It operates data centers across the country that are full of powerful GPUsmainly from Nvidiaand offers the power of those GPUs out to companies over the cloud. In other words, CoreWeave provides the AI hardware infrastructure that AI software companies need. CoreWeave was founded by Mike Intrator, Brian Venturo, and Brannin McBee and is based in Livingston, New Jersey. CoreWeave lowers its IPO price CoreWeaves IPO has been one of the most anticipated of 2025. Not only will it act as a sort of bellwether for tech IPOs in the coming year, but some feel the markets reaction to its public offering could help signal how investors are feeling about a shaky stock market landscape that has been rattled in recent months by President Trumps unending string of tariffs. However, a last-minute change to CoreWeaves IPO price may suggest investor confidence in the IPO marketand the markets in generalis not as high as some would like. When CoreWeave originally filed its Form S-1 prospectus with the Securities and Exchange Commission, the company said it expected its IPO share price to be between $47 and $55 per share. However, Reuters reported yesterday that CoreWeave had decided to lower the price of its IPO shares from the $47 to $55 range to just $40 apiece. That reporting turned out to be correct, as CoreWeave confirmed soon after in a press release that its IPO share price would be $40. The business model doesnt appear fundamentally flawed, but this suggests investors are recalibrating AI infrastructure valuations, noted IPOX research analyst Lukas Muehlbauer. CoreWeave by the numbers According to the companys second amendment of its Form S-1 dated March 20, 2025, CoreWeave has the following metrics as of December 31, 2024: 2024 revenue of $1.9 billion. 2024 net loss of $0.9 billion. 2024 revenue growth of 737% over the year-earlier. 2024 operating income margin of 17%. More than 250,000 GPUs online. 32 data centers. On March 10, CoreWeave announced a deal with ChatGPT maker OpenAI to provide AI infrastructure to the company. In its S-1 filing, CoreWeave listed several growth opportunities that it believes it has. This includes continuing to acquire more workloads from its existing customers, expanding internationally, and acquiring new customers in new industries, including banks, high-frequency trading, and pharmaceutical companies. When is CoreWeaves IPO? CoreWeaves initial public offering is today, Friday, March 28, 2025. What is CoreWeaves stock ticker? CoreWeaves stock ticker is CRWV. What market will CoreWeave shares trade on? CoreWeave shares will trade on the Nasdaq Global Select Market. What is the IPO share price of CRWV? CoreWeaves IPO share price is $40 per share. How many CRWV shares are available in its IPO? There are 37.5 million Class A common shares available in CoreWeaves public offering. However, not all those shares are offered by the company itself. Of the 37.5 million shares, CoreWeave is selling 36,590,000 of them. The remaining 910,000 shares are sold by CoreWeaves existing shareholders. How much will CoreWeave raise in its IPO? CoreWeave will only receive the profits from the 36,590,000 it sells. That means CoreWeave potentially raised more than $1.46 billion in its IPO. What is CoreWeaves valuation? At its $40 per share IPO price, CoreWeave has a fully diluted valuation of around $23 billion, according to Reuters.
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