Trump did not give the green light to Nvidia's exports to China.

President Donald Trump decided not to discuss the export of Nvidia's advanced Blackwell AI chips to China during a meeting with Chinese leader Xi Jinping in Busan, South Korea, on October 30. This decision was shaped by the strong opposition of his senior advisors.

According to The Wall Street Journal, Secretary of State Marco Rubio and other officials warned Trump that approving the export of these chips would threaten national security and enhance China's artificial intelligence capabilities. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer also opposed the approval.

Nvidia CEO Jensen Huang has been lobbying intensely to protect access to the Chinese market, which he estimates hosts about half of the world's AI researchers. Huang said at a Nvidia event in Washington, "I hope President Trump can help us find a solution." He added, "We are in a tough spot right now."

This decision represents a significant setback for Nvidia, as the export of Blackwell chips to China could have potentially allowed the company to achieve sales worth tens of billions of dollars.