Nvidia started the second week of 2026 with a trading session full of excitement, but without any specific direction. NVDA traded around the $184-185 zone, showing clear investor indecision. After the morning storm towards USD 186, the momentum evaporated and sellers quickly took over. It turns out that the reason for stopping the stock market rally of the AI giant is China and its strategic decision.
Chinese freeze on H200 orders
Consolidation didn’t come out of nowhere. Reports from the Middle Kingdom indicate that Chinese authorities have asked local technology companies to temporarily suspend new orders for H200 chips from Nvidia. Officially, it is a precautionary measure intended to prevent stockpiling before new import regulations are finalized. Sounds innocent? Not necessarily. There is huge money at stake. Nvidia reportedly has a backlog worth USD 54 billion, of which Chinese companies alone have ordered over 2 million H200 chips for delivery in 2026. At a price of approximately PLN 27,000. USD per system, we are talking about orders exceeding USD 54 billion from this direction alone.
The chart doesn’t lie – the decision is on key support
Technically speaking, NVDA doesn’t look too confident. It failed to stay above USD 186 and the price returned to testing the support at USD 185. This zone has become a battlefield – this is where it is decided whether the rally will continue or a deeper correction awaits us.
As long as the price stays above $184, the structure remains neutral. A break of $186 could resume gains, but a drop below $184.80 would open the door to deeper consolidation. Putting stock market matters aside, this is a very clear signal for the entire AI industry, which in fact relies on hardware from the Greens. Nvidia, although it is the foundation of the development of “Western AI”, has a very serious competitor in the form of Chinese companies and plans to develop AI in the Middle Kingdom.
What’s next for the AI giant?
Nvidia is stuck between the hammer of long-term demand and the anvil of geopolitical uncertainty. The chart reflects this perfectly – high activity, but no decisions.
Until Beijing clarifies its position, NVDA may be stuck in its current scope. China’s plans and the development of its own AI chips (like those from Huawei) clearly show that the Middle Kingdom wants to pursue its own technological policy and set the pace for the West – after all, the cup of this race is the mythical AGI, about which Sam Altman talks so much and so often.
