Trump Says Nvidia’s Blackwell AI Chips Will Be On Agenda In Talks With China’s Xi 

Nvidia shares rose in premarket trading in New York after President Trump said he plans to “discuss Blackwells” during his upcoming face-to-face meeting with Chinese leader Xi Jinping at the Asia-Pacific Economic Cooperation forum in South Korea on Thursday.

“We’ll be speaking about Blackwells,” Trump told reporters, ahead of his meeting with Xi tomorrow. The president praised the Nvidia AI data center chip as “super duper” and said Nvidia CEO Jensen Huang brought one version of the accelerator to the Oval Office. 

🚨🇺🇸 TRUMP: NVIDIA’S BLACKWELL IS THE SUPER DUPER CHIP… JENSEN IS AMAZING

“We’ll be speaking about Blackwell — the super duper chip.

Yeah, Blackwell’s amazing.

Nvidia makes it, and Jensen is an amazing, brilliant man.

It’s probably ten years ahead of any other chip.”… https://t.co/lrFoNTi5J6 pic.twitter.com/NNTuSand05

— Mario Nawfal (@MarioNawfal) October 29, 2025

The remarks bolstered investor optimism that downgraded Blackwell chip exports could begin if a new trade deal materializes. Treasury Secretary Scott Bessent has already said that a “successful framework” was prepared ahead of the Trump-Xi meeting, and one can only wonder if Blackwell chips were part of the negotiations. We’ll find out tomorrow.

Since 2022, Nvidia has faced a near-total ban on the export of its advanced AI chips to China. This has sent its market share in the world’s second-largest economy from 95% to zero. Huang has criticized U.S. export controls for boosting China’s domestic chip industry. 

Recently, Trump allowed Nvidia to sell H20 chips to China in exchange for a 15% revenue cut to the U.S. government. However, Beijing discouraged domestic companies from buying foreign chips. 

Nvidia’s stock is up nearly 3% in premarket trading in New York – around 0400 ET – fueled by AI infrastructure demand, the prospect of bullish earnings, and new guidance and partnerships unveiled at the Washington conference yesterday. 

On Tuesday, CEO Huang was the keynote speaker at Nvidia GTC Live from Washington D.C., in which he highlighted new partnerships and provided key guidance pointing to $500 billion in cumulative data center revenue for 2025-26, roughly 10 to 12% above not just Goldman’s estimates but also Street estimates ($453B and $447B, respectively).

Goldman analyst James Schneider provided clients with the key takeaways from Nvidia GTC Live:

Nvidia’s CEO Jensen Huang presented a keynote address at the company’s GTC Washington DC industry event on October 28. Although management made a number of announcements with partnerships across different industries (more details below), what stood out to us was comments on the company’s revenue visibility to $500bn in cumulative Datacenter revenue in 2025-26. This $500bn revenue estimate is 10% /12% above our / Street estimates of $453bn / $447bn, respectively. We reiterate our Buy rating as we view this increased visibility into CY26 revenues as an incremental positive for the stock. Our current estimates stand ~7% above Street estimates for CY26 – and we see the potential for further upward bias to our numbers based on several factors including: (1) the timing of OpenAI’s deployments; (2) increasing contribution from non-traditional customers, including sovereign governments; (3) the specific timing of the company’s Rubin launch.

• $500bn cumulative Datacenter revenue visibility for 2025-26: Management highlighted that Nvidia has visibility into $500bn in cumulative Datacenter revenue for 2025-26 for both its Blackwell- and Rubin-based systems. This $500bn revenue estimate is 10% above our cumulative Datacenter revenue estimate of $453bn and 12% above the Visible Alpha Consensus Data of $447bn.

• $1bn equity investment in Nokia for advanced wireless networking: Management announced a $1bn equity investment in Nokia at a subscription price of $6.01 per share. The strategic partnership is expected to accelerate development and deployment of next-generation AI-native mobile networks and networking infrastructure. Nvidia also introduced its ARC Aerial RAN computer.

• Seven supercomputers announced with U.S. Department of Energy: Nvidia announced seven new systems across two U.S. DOE facilities — Argonne National Laboratory and Los Alamos National Laboratory. The Solstice and Equinox systems will feature 100k / 10k Nvidia Blackwell GPUs, respectively. Los Alamos National Laboratory announced the selection of Nvidia’s Vera Rubin platform for its next-generation Mission and Vision systems.

• Launch of NVQLink: Nvidia introduced NVQLink, a high-speed interconnect which helps quantum computers connect to companion computing systems and error-correction systems.

• Partnership with Uber: Nvidia announced its partnership with Uber to scale world’s Level 4 ready mobility network by using Nvidia DRIVE AGX Hyperion 10 development platform and DRIVE AV software purpose-built for L4 autonomy.

Schneider is “Buy” rated on the stock with a 12-month price target of $210. 

“I don’t think we’re in an AI bubble,” says Nvidia CEO Jensen Huang https://t.co/U7lc80H2KE pic.twitter.com/rqUtUirL8b

— Bloomberg TV (@BloombergTV) October 28, 2025

Well, the Bank of England thinks much differently. This is a must-read report: “Bank of England Warns Of Devastating Fallout As AI Debt Bubble Pushed To The Limit With Record Oracle, Junk Bond Deals.”