US-China Trade & Regulation - The US government is considering a new approach to export licenses, potentially requiring companies to give back a percentage of revenue in exchange for regulatory approval [1] - The President proposed Nvidia pay 20% of its revenue from China chip sales to the US government, later negotiating down to 15% [1] - The President is willing to negotiate the release of higher-end Nvidia chips to China, but wants the Blackwell chip to be degraded by 30% to 50% before authorizing the sale [1] - Bernstein raises concerns about a "slippery slope," questioning if other companies will be required to pay to sell into the region [1] Company Strategy & Implications - Intel's CEO is meeting with the President, potentially needing to offer incentives like investment, revenue percentage, or equity stake to align with the administration's goals [1][2] - The President views himself as a dealmaker and seeks a return for taxpayers in any government-involved deal, either financially or through equity [1] Products & Technology - The chip under discussion, H20, is considered an older chip already available in China under a different name [1] - Nvidia has a new, highly advanced chip called Blackwell, which the President is hesitant to allow for export without significant degradation [1]