Nvidia AI chips worth $1bn smuggled to China after Trump export controls
Roaring black market for US semiconductors operates despite efforts to curb Beijing’s high-tech ambitions
Roaring black market for US semiconductors operates despite efforts to curb Beijing’s high-tech ambitions

President says other chipmakers can also resume exports and ‘25% will be paid’ to the US

Discussions among regulators come as Beijing seeks to achieve self-sufficiency in semiconductor production

Beijing encouraged purchase of Huawei and Cambricon processors before Trump’s move to allow Nvidia exports

Fabrication plants serving Huawei push to increase production as US cuts off access to Nvidia’s top processors

Also in today’s newsletter, Thai fighter jets strike Cambodia, and Trump clashes with Fed chair

Jensen Huang personally lobbied president after he reversed course on sale of H20 chips