Yue Tang's questions to VNET Group Inc (VNET) leadership • Q1 2025
Question
Yue Tang of Morgan Stanley inquired about the impact of the U.S. H20 chip ban on customer demand and procurement processes, and the resulting outlook.
Answer
A company Moderator explained that while the H20 chip embargo caused a short-term impact on hyperscaler demand, clients quickly adjusted and operations are now back on track. The Moderator confirmed that current orders are sufficient to fill all capacity scheduled for delivery in 2025 and the first half of 2026, with sustained demand expected for large language model training and data center scaling.