Core Insights - Nvidia faces challenges in resuming chip sales in China due to regulatory issues and domestic bans on its products [1][2] - The U.S. government has reversed its stance, allowing Nvidia and AMD to sell AI chips to China under specific conditions [6] - Nvidia reported record revenue of $57 billion in Q3 2025, a 66% increase year-over-year, primarily driven by its data center business [5] Regulatory Environment - China's State Administration for Market Regulation ruled that Nvidia violated antitrust regulations related to its 2020 acquisition of Mellanox Technologies [1] - The Cyberspace Administration of China has instructed domestic companies not to purchase Nvidia's chips to promote local chip sales [2] - The Trump administration is considering semiconductor tariffs that would require companies to produce chips domestically at the same volume as internationally [3] Company Developments - Intel announced a new processor, Panther Lake, which will be produced at its Arizona fab factory [4] - Nvidia entered a non-exclusive licensing deal with Groq, acquiring $20 billion worth of its assets while hiring key personnel [7] - Intel made significant leadership changes, including the departure of its CEO of products, Michelle Johnston Holthaus [8] Financial Performance - Nvidia's data center business saw a revenue increase of 56% year-over-year in Q2 2025, contributing to its record sales [9] - The U.S. government allowed Nvidia to sell its advanced H200 chips to approved customers in China, marking a significant policy shift [6] - Nvidia's previous licensing requirements on its H20 AI chips resulted in a $4.5 billion charge in Q1 2025, with expectations of an $8 billion revenue hit in Q2 [30]

Our next guest argues that allowing China access to advanced chips puts national security and the American AI industry at risk. Joining us right now is chip war author Chris Miller. He's an associate professor at TU's Fletcher School.And and Chris, you've got some pretty strong feelings about this. Do you think that national security is taking a backseat to profitability. Well, I think that's the concern in the administration's decision to allow more AI chips to flow to China.You know, right now the US has ...