Jensen Huang is meeting with Trump amid chip export controls, stellar Nvidia valuation

Nvidia CEO Jensen Huang will meet with President Donald Trump at the White House on Thursday, as the AI chipmaker becomes the first company to close a trading day with a market cap exceeding $4 trillion. The high-profile meeting comes amid ongoing tensions over export controls on Nvidia’s AI chips that the Trump administration implemented in April, which have effectively cut off the company’s access to China’s lucrative semiconductor market.

What you should know: Nvidia achieved a historic milestone by becoming the first company to close above a $4 trillion market valuation, surpassing Apple and Microsoft.

• The company’s stock rose slightly on Thursday after briefly touching the $4 trillion mark during Wednesday’s trading session.
• Trump celebrated Nvidia’s performance on Truth Social, posting: “NVIDIA IS UP 47% SINCE TRUMP TARIFFS. USA is taking in Hundreds of Billions of Dollars in Tariffs.”

The big picture: The White House meeting highlights the delicate balance between supporting American AI leadership and managing national security concerns around chip exports.

• Export controls implemented by the Trump administration in April have severely restricted Nvidia’s ability to sell AI processors to Chinese customers.
• The company’s previously-approved H20 processor, designed specifically for the Chinese market, now requires an export license that effectively blocks sales with “no grace period.”

Why this matters: China represented a massive revenue opportunity for Nvidia, with the company facing significant financial impact from the trade restrictions.

• Nvidia expects to miss $8 billion in planned orders for Chinese sales in its July quarter due to the export controls.
• “The $50 billion China market is effectively closed to U.S. industry,” Huang told investors during a May earnings call.

What’s next: Nvidia faces additional uncertainty as the Trump administration plans to implement new AI chip export restrictions later this year.

• The administration cancelled a planned rule by former President Joe Biden called the “AI diffusion rule.”
• Trump officials have promised “newer, simpler restrictions” on which countries can receive Nvidia’s advanced technology.

What they’re saying: An Nvidia representative declined to comment on the meeting’s specific agenda, leaving the discussion topics unclear ahead of Thursday’s White House visit.