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.

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’s artificial-intelligence chips have been at the center of U.S.-China trade negotiations for months, yet it appears China is discouraging its companies from buying one of them: the H20s. Sales of the chips to Chinese companies helped get China to agree to reboot its exports to the U.