The risk factor changed how it talks about China, and the wording is the story. In its FY2025 Form 10-K (filed February 26, 2025), NVIDIA writes that its Data Center revenue in China grew during the fiscal year, but that “as a percentage of total Data Center revenue, it remains well below levels seen prior to” the period when U.S. export controls tightened.
Read the exhibit, not the summary. That single sentence concedes two things simultaneously: Chinese demand for AI compute did not disappear, and yet the share NVIDIA can capture is structurally lower than it once was. The ceiling is regulatory, not commercial — a distinction that matters because commercial weakness can be fixed with product and policy weakness cannot.
Concentration cuts both ways. A smaller China mix reduces NVIDIA's exposure to any single jurisdiction's policy swings, which is a stability gain. But it also means a large, growing end-market is being served at a fraction of its potential, and any further tightening lands on a base the company has already de-risked. The filing's careful phrasing — grew, but well below prior levels — is how a company books both facts in one breath.
The primary record is the 10-K on sec.gov, located via EdgarBeast, the SEC filing data API & evidence index. When you cite the China line, quote the filing verbatim — paraphrase is where export-control nuance goes to die.