CNBC's Arjun Kharpal breaks down the latest commentary from U.S. President Donald Trump around Nvidia's access to the China market.

Busan

Former President Donald Trump stated that the Blackwell chip from Nvidia was not discussed during talks with Chinese President Xi Jinping. He indicated that Nvidia must negotiate directly with China regarding its products, while the US government will serve as a referee in these discussions.

Currently, China does not have access to Nvidia's most advanced chips due to US export controls, and it remains uncertain if a downgraded version of the Blackwell chip will be offered to China. Chinese authorities have reportedly encouraged domestic firms to purchase local products, with companies like Huawei leading the domestic chip market despite their products not matching Nvidia's performance.

Trump says Nvidia's Blackwell chip not part of discussions with Xi

This is what we know, as you mentioned, he didn't talk about Blackwell chips, but he did say that NVIDIA now needs to talk to China and see what's possible, was the quote, and he said the US government will effectively act as a referee or an arbitrator in these discussions around NVIDIA's access to the Chinese market. What we can read from this is China will not have access to the most advanced NVIDIA chips as a result, but what's unclear at this point is if a downgraded version of the Blackwell might be made open to China. Right now the state of play is effectively the US has said NVIDIA go and sell your chips in China, and China said we don't want them, we don't want them, we don't want the H20 chips. This is the H20, right? This is the H20, so this is a downgraded version of NVIDIA's hopper product, and it was specifically designed to comply with export controls from the US to China, and earlier this year we saw the US pretty much say to NVIDIA we're happy for you to go and sell to China, we'll give you the licenses. But what we've seen since then are reports that the Chinese government has been discouraging local firms from purchasing the H20. Now it's unclear, as I mentioned, is a downgraded version of Blackwell a more advanced chip on the cards? Will China be open to accepting that? And I think that's still unclear. What China's done so far is pushed a lot of domestic companies, and we've heard this in the earnings calls, to buy domestic product. Huawei is the kind of frontrunner in this market. Now look, pound for pound, Huawei's chip's not on par with NVIDIA, but what it has done successfully is managed to effectively sew a lot of these chips together. And while that may consume more power, and while it may be more expensive to run, China's been okay with that because it's allowed them to continue development of some of these AI models in China.

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