Why Nvidia’s and AMD’s China deal with Trump could backfire. The companies making the most money from the AI boom are the ones selling the processors, such as Nvidia and AMD.

Nvidia struck a surprising deal after convincing the president that H20 chips aren’t a national security risk. But whether the reversal is good or bad depends on who you ask.

For years, the US has restricted the sale of powerful AI chips to China. But Trump is letting sales of less-advanced chips happen.