Nvidia shares moved higher after reports that the Commerce Department would clear H200 exports, gaining roughly 2% in after-hours trading. AMD stock also rose, though more modestly. Market reaction followed months of volatility as Washington and Beijing balanced commercial access to advanced semiconductors against national security concerns.
Semiconductors are essential to data centers, mobile devices and emerging applications such as generative AI, making them a central issue in U.S.-China economic relations. After Beijing introduced export controls on certain rare-earth minerals used in high-performance chips, the Trump administration threatened steep tariff increases on Chinese imports. Diplomatic tension eased somewhat when the two leaders met in South Korea in late October and reached what the White House described as a tentative trade truce. As part of that understanding, China agreed to cease retaliatory measures against U.S. chipmakers.
During that October meeting, Trump said he raised the topic of Nvidia’s advanced processors directly with Xi. Monday’s announcement formalizes a framework that emerged from those talks, granting U.S. companies access to a large commercial market while securing a revenue stream for the federal government.
The Department of Commerce’s Bureau of Industry and Security, which oversees export licensing, will determine which Chinese entities qualify as “approved customers.” That vetting process is designed to prevent shipments to firms linked to China’s military or barred from receiving U.S. technology. Additional guidance from the bureau is expected in the coming weeks; public updates will be posted on the agency’s website, according to Commerce officials.
In August, Chinese authorities reportedly advised domestic technology companies to avoid Nvidia’s H20 chip, the lower-grade processor tailored to comply with earlier U.S. export restrictions. The H200, which offers higher memory bandwidth and improved performance for large language models, was not part of that advisory. Under the new policy, the H200 can be sold to Chinese clients that clear U.S. screening, potentially restoring part of Nvidia’s Chinese revenue stream without triggering additional trade sanctions.
Imagem: Internet
Nvidia welcomed the White House decision. In a statement, the company said that offering the H200 to vetted commercial customers “strikes a thoughtful balance” between economic interests and national security. AMD has not yet issued a formal comment, but executives previously signaled support for any arrangement that preserves market access while meeting government requirements.
Intel, which is still in the process of rolling out its next-generation AI accelerators, is expected to fall under the same 25% revenue-share rule once its products receive Commerce Department clearance. Industry analysts anticipate that similar terms will apply to other U.S. semiconductor firms that develop high-performance chips destined for China.
The revenue-sharing mechanism represents a shift in how Washington manages sensitive technology exports. Rather than imposing outright bans, the administration is opting to capture a portion of proceeds from sales deemed non-military. Funds collected by the federal government will be directed to the Treasury and could be used to support domestic manufacturing incentives, though specific allocations have not been detailed.
While Monday’s announcement reduces immediate uncertainty for chipmakers, broader strategic competition between the United States and China in AI technology remains unresolved. Future policy adjustments will likely depend on Commerce Department assessments of compliance, geopolitical developments, and the pace of semiconductor innovation.
Crédito da imagem: CNBC
