American semiconductor firms saw a significant
boost in sales from the mainland, as a top list shows which are leading the gains
amid high-end silicon demand
·
Twenty-six
major U.S. semiconductor companies recorded an average 20% increase in China
revenue last year despite escalating U.S.-China technology tensions.
·
The
findings were published in the “Hurun Top 100 US Enterprises in China 2026”
report by the Hurun Research Institute.
·
The
report tracks publicly listed American companies based on their China-generated
revenue in 2025.
·
Among
the top 100 U.S. companies earning revenue in China:
o 26 firms were from the semiconductor
industry.
·
Semiconductors
remain a strategic sector for both:
o The United States
o China
·
The
U.S. has imposed restrictions on exports of:
o Advanced AI chips
o High-end semiconductors
o AI computing power
·
These
restrictions have accelerated China’s efforts to build domestic semiconductor
capabilities.
Six
semiconductor giants featured among the top 10 U.S. earners in China:
·
Qualcomm
·
Nvidia
·
Intel
·
Broadcom
·
Applied
Materials
·
Advanced
Micro Devices (AMD)
·
Four
of these companies recorded year-on-year growth in China revenue.
The
strongest growth rates were recorded by:
·
Western
Digital: +43%
·
Analog
Devices (ADI): +34%
·
AMD:
+24%
·
Hurun
stated that the growth reflects strong Chinese demand for:
o AI computing infrastructure
o Advanced chips
o Semiconductor supply chains
·
Several
chip firms dropped in ranking despite higher revenue:
o Qualcomm fell from 2nd to 5th place
despite 14% growth.
o Nvidia, Intel, Broadcom and Applied
Materials each slipped one position.
·
AMD
entered the top 10 rankings.
·
Executives
from:
o Qualcomm
o Nvidia
o Micron Technology
joined
President Donald Trump’s business delegation during his state visit to China.
·
Other
participating corporate leaders included executives from:
o Apple
o Tesla
o Coherent
·
Nvidia
CEO Jensen Huang confirmed that:
o The H200 AI processor received approval
for shipment to China.
o China remains part of Nvidia’s long-term
$200 billion CPU market strategy.
·
However,
reports indicate that deliveries have not yet begun.
·
The
100 U.S. companies in the Hurun ranking generated:
o $362.2 billion in China revenue in 2025
o Up 1.2% year-on-year
·
This
figure exceeded the U.S. trade deficit with China, estimated at $202 billion.
·
China
accounted for:
o About 12% of total revenues of these
companies
o An estimated $2.3 trillion contribution to
their combined market capitalization
·
Retained
the top position despite a 3.8% decline in China revenue to about $64.4
billion.
·
Rose
from 4th to 2nd place.
·
China
revenue increased 23% to $24.6 billion.
·
Revenue
in China increased 12.5% to $24.45 billion.
·
China
revenue rose marginally by 0.1% to $20.96 billion.
·
The
data highlights the continued importance of the Chinese market for major U.S.
technology and industrial companies despite geopolitical tensions.
·
It
also underscores:
o China’s continued dependence on advanced
foreign semiconductors
o The resilience of commercial ties amid
strategic rivalry
o The growing centrality of AI and chip
technologies in global economic competition.
Twenty-six
US semiconductor firms, from Qualcomm to Nvidia, saw their China revenue climb by
an average of 20 per cent last year, despite trade tensions, according to a new
analysis.
The
data, featured in the latest “Hurun Top 100 US Enterprises in China 2026” report
released by the Hurun Research Institute on Monday, tracks the performance of 100
publicly listed American companies based on their revenue in China last year.
Among
the top 100 earners in China, 26 were from the semiconductor industry, which both
Beijing and Washington have listed as a strategic sector. The US also imposed restrictions
on exports of artificial intelligence (AI) computing power and high-end chips to
China, pushing the world’s second-largest economy to accelerate domestic development.
Out
of the top 10 earners last year, chip giants secured six slots – Qualcomm, Nvidia,
Intel, Broadcom, Applied Materials and Advanced Micro Devices (AMD), with four of
them reporting year-on-year revenue gains from China.
Furthermore,
Western Digital, Analog Devices (ADI) and AMD led the expansion with year-on-year
growth rates of 43 per cent, 34 per cent and 24 per cent, respectively. The three
ranked 33rd, 30th and 10th, according to Hurun’s list.
The
strong momentum underscores “the robust market demand for AI computing power, high-end
chips, and the semiconductor industry chain in China”, said Rupert Hoogewerf, chairman
and chief researcher of Hurun, in a statement.
But
five of the six giants fell in their Hurun list ranking, with Qualcomm falling from
second to fifth despite a 14 per cent rally in its Chinese revenue last year. Nvidia,
Intel, Broadcom and Applied Materials all dropped one notch to occupy sixth to ninth
place in the 2026 edition, while AMD was in 10th place.
Notably,
top executives from Qualcomm, Nvidia and Micron Technology were part of the US business
delegation that joined President Donald Trump on his state visit to China this month,
in addition to the bosses of Apple, Tesla and Coherent.
Following
the visit, Nvidia CEO Jensen Huang confirmed that the flagship H200 processor has
been licensed for shipment to China, and that the country was included in the company’s
long-term US$200 billion CPU market forecast. But no deliveries have been made so
far, according to reports.
Last
year, the 100 US companies tracked by Hurun generated a total of US$362.2 billion
in revenue in the Chinese market, up 1.2 per cent. The total exceeded the US$202
billion trade deficit with China.
China
still accounted for 12 per cent of the total revenues generated by these 100 US
companies, suggesting that the market contributed as much as US$2.3 trillion to
their aggregate market capitalisation.
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Apple
retained its crown as the top earner despite a 3.8 per cent slide to around US$64.4
billion, while Walmart jumped to second from fourth in the 2025 edition after its
income from the mainland market expanded 23 per cent to US$24.6 billion.
General
Motors and Tesla followed with respective rises of 12.5 per cent to US$24.45 billion
and 0.1 per cent to US$20.96 billion, according to the Hurun list.