Semiconductors and Export Controls

President Trump announced he will allow Nvidia to sell H200 AI chips to China with the U.S. taking a 25% cut of sales, saying he informed Xi Jinping and that the "same approach" will apply to AMD and Intel as the Commerce Department finalizes details; the H200s remain a generation behind Blackwell chips, which stay restricted. Beijing has signaled it will tightly limit imports—requiring buyers to show domestic chips are insufficient—and the market reaction was muted (Nvidia shares slipped ~0.3% and analysts remained cautious), even as lawmakers raised security concerns and prosecutors have previously disrupted black‑market flows of banned Nvidia chips into China.