Trump Cashes In After Digging Buddy Out of $5.5 Billion Hole [View all]

Earlier DU thread: Trump Bid for Cut of Chip Revenue Risks 'Dangerous World'

________________________________________________

Source: The Daily Beast

Trump Cashes In After Digging Buddy Out of $5.5 Billion Hole

Will Neal
Mon, August 11, 2025 at 10:27 AM EDT 2 min read

The White House will rake in billions in fees from a company owned by a pal of President Donald Trump after the president walked back trade restrictions that limited the firm’s profits.

Last month, Nvidia CEO Jensen Huang, whom Trump has described as “my friend,” secured a sit-down where he begged the president to reverse a Commerce Department policy, implemented in April under the White House’s sweeping Liberation Day tariffs, restricting sales of the company’s advanced H20 chip to China.

Nvidia told the Financial Times on Monday that the company, along with fellow AI-chip manufacturer AMD, will now pay 15 percent levies on computer chip sales to China in exchange for the Trump administration granting them licenses to export to the country.

At that meeting, Huang sought to persuade Trump that the path to U.S. AI-dominance lies in selling more of those chips, used in bleeding-edge data centers that train AI models and operate AI applications, to a hostile country the Nvidia CEO says is home to more than half of the world’s leading AI researchers.

It worked. ...

-snip-

Read more: https://finance.yahoo.com/news/trump-cashes-digging-buddy-5-142730676.html