NVDA Stock Declines After Trump Says He Did Not Discuss Blackwell Chips With China’s Xi: Report

• According to a CNBC report, President Trump told reporters that China would be talking to Nvidia and other chipmakers.
• President Trump said that while Blackwell is not under consideration, there are a lot of other chips that his administration would authorize for sale to China.
• House Select Committee on China Chairman John Moolenaar said that the U.S. cannot sell the latest advanced AI chips to the country’s primary adversary.

President Donald Trump reportedly stated on Thursday that he did not discuss Nvidia Corp.’s (NVDA) Blackwell chips with Chinese President Xi Jinping during their meeting in South Korea.

According to a CNBC report, President Trump told reporters on Air Force One that while semiconductor chips had been discussed with President Xi and that China would be talking to Nvidia and other chipmakers, he clarified, “We're not talking about the Blackwell.”

“I said it’s really between you and Nvidia, but we’re sort of the arbitrator or the referee.”

— Donald Trump, U.S. President

Nvidia’s shares were down more than 2% in Thursday morning’s trade. Retail sentiment around the company on Stocktwits trended in the ‘extremely bullish’ territory at the time of writing.

Trump Okay With Non-Blackwell Chips

During the interaction with reporters, President Trump stated that while Blackwell is not under consideration, his administration would authorize the sale of many other chips to China.

However, an Nvidia spokesperson stated that controlling the export of chips did not give the U.S. an advantage in AI, according to a report by Reuters. “China has more than enough domestic chips for all of its military applications and has no reason to use our products for that purpose,” the spokesperson said.

Opposition From Lawmakers

House Select Committee on China Chairman John Moolenaar said in a post on X on Thursday that the U.S. cannot sell the latest advanced AI chips to the country’s primary adversary. “Providing China with access to these chips would be akin to giving Iran weapons-grade uranium,” Moolenaar said.

Instead, Moolenaar wants these chips to go to U.S. companies, instead of helping the future of the Chinese military.

NVDA stock is up 51% year-to-date and 46% over the past 12 months.

Also See: Scott Bessent Says US-China Trade Deal Could Be Signed Next Week, Following Trump-Xi Meeting: Report

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