Nvidia Faces Sell-Off After Trump Says Blackwell Chips Were Not Discussed

This article first appeared on GuruFocus.

Nvidia (NASDAQ:NVDA) shares pared earlier gains on Thursday, losing about 2% value after U.S. President Donald Trump said he did not discuss approving sales of the company’s advanced Blackwell AI chips with Chinese President Xi Jinping.

Trump told reporters that semiconductors were raised broadly but added, We’re not talking about the Blackwell, a clarification that cooled investor hopes of a near-term policy shift easing exports.

The comments followed a recent surge in Nvidia’s market value that briefly put the chipmaker at the forefront of a $5 trillion milestone, as investors priced strong demand for AI processors.

U.S. export controls already limit shipments of the most powerful accelerators to China, and Washington’s stance leaves practical access to Blackwell-class chips constrained unless formal policy changes occur.

Nvidia CEO Jensen Huang has warned that tighter restrictions could accelerate China’s domestic chip push and reshape regional competition, a dynamic investors say could alter long-term growth assumptions.

For now, market participants are weighing the odds that diplomatic talks will translate into commercial access, while Nvidia’s broader AI demand story remains intact but subject to geopolitical risk.