China's Huawei Technologies is close to introducing a new chip for artificial intelligence use to challenge Nvidia in China amid U.S. sanctions. Huawei's latest processor, Ascend 910C, is being tested by Chinese internet and telecom companies. Huawei has told potential clients that the chip is comparable to Nvidia's H100. Companies such as TikTok parent Byte Dance, Baidu and China Mobile, are looking to obtain the 910C chips. Orders are likely to surpass 70,000 chips, with a value of around $2 billion.