The agreement between the chipmakers and the U.S. government will allow Nvidia and AMD to obtain export licenses to resume sales to China.

U.S. chipmakers Nvidia and AMD announced that they will pay the U.S. government 15% of the revenue generated from AI chip sales in China, a White House official confirmed for CBS News. MoneyWatch correspondent Kelly O'Grady has the latest.

Nvidia and AMD agreed to share 15% of their revenues from chip sales to China with the U.S. government, President Donald Trump confirmed at a press conference on Monday.