Nvidia shares jumped nearly 2% in overnight trading after Cryptopolitan reported the chipmaker had hit a new all-time high above $204 at yesterday’s market close, continuing yet another monster rally that has been picked up globally.
Nvidia’s overnight rally had a different trigger though; U.S. President Donald Trump’s comments that he plans to bring up the company’s Blackwell AI chips during his Thursday meeting with Chinese President Xi Jinping.
Trump spoke to CNBC aboard Air Force One on Wednesday, confirming that Nvidia’s most advanced processors would be part of his discussions with Xi at the Asia-Pacific Economic Cooperation (APEC) summit, their first in-person meeting since Trump’s return to the White House in January.
Trump said, “We’ll be speaking about Blackwell, it’s the super duper chip,” referring to Nvidia’s GB200 Grace Blackwell Superchip, a processor designed for training and running massive AI models. He added that:-
“That’s our country. We’re about ten years ahead of anybody else in chips, in the highly sophisticated chips. I think we may be talking about that with President Xi.”
Trump hints at easing Nvidia chip restrictions for China
Nvidia’s Blackwell architecture is Nvidia’s latest generation of AI-focused GPUs and the foundation for many next-gen data-center systems.
Washington has spent well over nine months tightening control over chip exports to China, blocking Nvidia from selling its top-end AI products there. But in July, the administration rolled back certain restrictions, allowing the company to sell its H20 chips, a China-specific downgraded model.
Trump told reporters that he was considering extending similar access to a reduced-capability version of the Blackwell line, though he stopped short of confirming any formal plan.
China, however, hit back fast. Beijing issued new rules preventing domestic firms from importing any Nvidia chips at all.
Earlier this month, Jensen Huang, Nvidia’s CEO, said the company was now “100% out of China” and that it no longer had market share in the country.
Many analysts believe Beijing is using Nvidia’s exclusion as leverage in ongoing trade negotiations with the Trump administration.
Trump also mentioned that his meeting with Xi would address several hot-button issues beyond technology. “We’re gonna talk about fentanyl coming into the United States,” he said, adding that American farmers would also be part of the agenda.
When asked about China’s potential one-year pause on rare-earth export controls, Trump replied, “We haven’t talked about the timing yet, but we are gonna work out something.”
Trade tensions, tariffs, and tech all collide at APEC
The backdrop to the Xi-Trump meeting is tense. The current trade détente between the world’s two biggest economies expires on November 10 unless both sides agree to extend it.
Trump has already warned of 100% tariffs on Chinese goods starting November 1 if progress stalls. Meanwhile, The Wall Street Journal reported Tuesday that Washington may cut the 20% fentanyl-related tariffs on Chinese exports by half, in return for Beijing cracking down on the chemicals used to make the drug.
Asked if Taiwan would be discussed, Trump said, “I don’t know if we’ll even speak about Taiwan. He may want to ask about it. There is not that much to ask about it.” His comments came as Beijing turned up the heat on rare-earth export controls, prompting Washington to retaliate with port fees on Chinese vessels and threats of new software export restrictions.
Despite the escalating friction he singlehandedly created, Trump still believes their relationship as “very good,” saying, “We are going to have a great meeting with China’s Xi.”
Trump’s remarks followed a week-long Asia trip, where Cryptopolitan reported he signed a series of trade and mineral agreements with Southeast Asian countries and most recently Japan.
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