Nvidia graphics processing unit prices are falling again at Huaqiangbei in Shenzhen, China’s biggest electronics market, the Digital Today reported. The decline comes despite the possibility of tighter U.S. semiconductor export controls on China and controversy involving Jensen Huang, Nvidia’s chief executive. Local traders say they see no major disruption to supply.

The South China Morning Post reported on Nov. 10 that prices for Nvidia’s high-performance consumer GPUs in Huaqiangbei have pulled back after surging last month.

GeForce RTX 5090 at one point topped 60,000 yuan last month, but has now fallen to around 50,000 yuan. Some sellers quoted 48,500 yuan. The mid-range GeForce RTX 5060 rose to about 4,000 yuan last month, then recently eased to 3,400 to 3,700 yuan.

Traders said last month’s price spike was driven more by market rumours than an actual supply squeeze. One Huaqiangbei vendor, Cai, said the market has entered a correction phase after a sharp rise. Other traders said rumours that Nvidia would stop producing related products to focus on manufacturing high-end enterprise GPUs pushed prices up, but prices fell again after Nvidia denied the claim.

The recent price swings show instability in China’s GPU distribution structure. China faces restrictions on access to cutting-edge products from global semiconductor companies, including Nvidia. In that environment, grey-market distribution through Southeast Asia and inventory stockpiling are directly affecting spot prices.

Huaqiangbei traders also said the impact on the ground remains limited despite reports of tighter regulation. They said supply is still ample due to prior stockpiling and weak retail demand in China. A trader surnamed Xu, who said he has worked in Huaqiangbei for more than 20 years, said the latest volatility reflects “a cycle created by overheated expectations” and added, “Prices can rise, but in the current market there are no buyers.” He also cited weaker demand because customers have reduced the scale of their businesses amid an economic slowdown.

Traders also said personal controversy surrounding Jensen Huang has not had a major impact on the spot market. Xu said the matter is personal and “will not have a substantive impact on spot prices.” He added that even if there is an impact, it would be temporary and prices are ultimately determined by supply and demand.

Traders were split on where prices go next. Some expected further declines as weak demand persists. Another trader, Zheng, cited cryptocurrency mining demand as a variable. “Recently prices have been falling along with cryptocurrency, but if the trend reverses it could push prices up again,” he said.

China’s GPU spot market is therefore reacting more sensitively to inventory levels, whether real demand recovers and cryptocurrency market moves than to regulatory news itself. Huaqiangbei traders said actual changes in supply and demand, rather than speculative spikes, are likely to be the key factor determining prices for the time being.