I vote D.

Nvidia’s latest guidance already assumes no Data Center compute revenue from China, which means any future reopening would be upside rather than base-case dependence. That is important. If China remains blocked, Nvidia still has enough demand from hyperscalers, sovereign AI, and enterprise AI to grow. But if H20/H200 shipments resume meaningfully, it could become an unexpected revenue kicker.

The risk is that China may not want to rely on Nvidia anymore. Even if the U.S. allows sales, China could push local alternatives like Huawei to reduce dependency.

That makes China less of a core thesis and more of a hidden option. Zero booked revenue lowers expectations, but any policy thaw could quickly change sentiment.