Nvidia’s H20 chips return to China after a US export ban rollback, but analysts see market share losses from rising Chinese AI competition and tighter regulation.

Chinese authorities summoned Nvidia Corp. to discuss alleged security risks related to its H20 chips, casting doubt over the domestic business of the world’s most valuable company weeks after co-founder Jensen Huang met senior officials in Beijing.

Nvidia earlier this month said the U.S. government is giving permission to sell its H20 microchip again in China — but now a Chinese regulator is raising a red flag.