Alibaba, Tencent Pause Orders as Nvidia's $7,000 RTX6000D Stumbles Against Grey‑Market RTX5090

Quiet workshop, loud expectations - and now a bit of a letdown. Nvidia (NASDAQ: NVDA) has rolled out the RTX6000D for China, a chip tailored for inference workloads, but initial interest from the region's big tech buyers has been underwhelming.

The RTX6000D is priced at roughly 50,000 yuan (about $7,000). Test results put its real-world performance below that of the U.S.-restricted RTX5090. Complicating matters: the RTX5090 still finds its way into China via grey-market channels at less than half the RTX6000D's street price. That's a nasty comparison to live with when you're trying to sell a premium product.

Major local buyers such as Alibaba (NYSE: BABA) and Tencent (HKEX: 0700) are holding back orders. Part of the pause is operational - they're seeking clarity about whether previously authorized chips like the H20 will actually ship. Nvidia won permission to sell the H20 back in July, but shipments haven't resumed yet.

There's also a line of hopeful waiting: several customers are looking to Washington to greenlight the more powerful B30A. The H20, B30A and RTX6000D are all modified, down‑spec versions of parts Nvidia sells elsewhere - a direct result of U.S. export limits aimed at constraining advanced AI hardware flows into China.

Analysts had been upbeat about China demand. The early reality is different. When a cheaper grey-market option undercuts your compliant, sanctioned product, pricing power erodes fast. That can translate into slower order books, inventory pressure and a hit to growth in one of the most important markets for high-end chips.

For the market, the story is straightforward: regulatory frictions and grey-market arbitrage are reshaping how AI hardware sells in China. Short-term demand for the RTX6000D is soft. Longer-term outcomes hinge on whether Washington relaxes restrictions, Nvidia secures timely shipment approvals, or grey-market supply tightens up.

So - a temporary blip or a structural headache for Nvidia in China? Time (and a few shipment notices) will tell.