Qualcomm, Nvidia lead US chip revenue surge in China despite trade tensions

Despite escalating US-China trade tensions and export restrictions on AI chips, American semiconductor companies are experiencing a surprising revenue boom in China. According to the Hurun Research Institute's latest "Top 100 US Enterprises in China 2026" report, 26 US chipmakers saw their China revenue increase by an average of 20% last year. Among the top 10 earners on the list, six were semiconductor giants: Qualcomm, Nvidia, Intel, Broadcom, Applied Materials, and Advanced Micro Devices (AMD). The data underscores that China's demand for high-end silicon, particularly for AI workloads, remains insatiable despite both governments designating semiconductors as a strategic sector.

The strongest performers included Western Digital (43% year-on-year growth), Analog Devices (34%), and AMD (24%). These three firms ranked 33rd, 30th, and 10th respectively on the overall list of US companies by China revenue. Hurun chairman Rupert Hoogewerf attributed the momentum to "robust market demand for AI computing power, high-end chips, and the semiconductor industry chain in China." The findings suggest that US export controls have not fully curtailed revenue flows, as Chinese buyers continue to purchase available chips while accelerating domestic development. For US chipmakers, China remains a critical market—one that is defying geopolitical headwinds through sheer AI-driven demand.