Chinese President Xi Jinping delivers a speech during a reception at the Great Hall of the People to mark Martyrs Day, September 30, 2025 (Adek Berry/Getty Images)

China steps up customs crackdown on Nvidia chips, launches antitrust investigation into Qualcomm, and plans special port fees on US ships

Beijing is doubling down on protectionism ahead of a planned Xi Jinping and Donald Trump meeting set for later this month.

David Crowther

10/10/25 5:56AM

For months now, China has been getting increasingly defensive over its domestic industries, particularly the all-important AI hardware space. This morning, we got the latest measures from those continued efforts.

First, the Financial Times reported that China has mobilized teams of agents at major ports across the country to “carry out stringent checks on semiconductor shipments.” The initial goal is reportedly to stop local tech companies from buying Nvidia chips, most notably the tech giant’s H20 and RTX Pro 6000D models, which Beijing has become particularly focused on stopping from entering the country. According to the FT, one person familiar with the matter also said that the more rigorous enforcement had been widened to all advanced semiconductor products.

Separately this morning, news broke that chip giant Qualcomm was the subject of a new antitrust investigation from China’s State Administration for Market Regulation over its acquisition of Israel’s Autotalks. Qualcomm fell 3% in early trading. In September, Nvidia itself fell foul of the same Chinese regulator over a 2020 acquisition.

Outside of AI, China is also planning to impose special import fees on vessels owned by US individuals, companies, or organizations, in a retaliatory move to a similar policy the US revealed back in April.

Per The Wall Street Journal, vessels docking at Chinese ports will be charged 400 yuan per net ton from October 14. That’s equivalent to ~$56. That fee is also set to rise over time, hitting 640 yuan per net ton in April 2026, 880 yuan the year after, and 1,120 yuan from April 2028.

The escalation of trade tensions between the world’s two most important economies comes ahead of a planned meeting between Chinese President Xi Jinping and US President Donald Trump, slated to take place at the end of the month at the APEC summit. Yesterday, CNN reported that Beijing had ramped up sweeping restrictions on rare earth exports.

Tasha Matsumoto

1/9/26

S&P 500 climbs to a new record high after mixed jobs report

Employers added fewer jobs than expected last month, but the unemployment rate ticked down.

CHICAGO, ILLINOIS - JANUARY 02: Isaac Okoro #35 of the Chicago Bulls dunks the ball during the second half against the Orlando Magic at the United Center on January 2, 2026 in Chicago, Illinois.

Matt Phillips1/9/26

Sandisk rides Wall Street price target hikes toward new record

Sandisk leapt Friday, riding a resurgent wave of AI-related market exuberance as well as two price target hikes from Wall Street analysts.

Goldman Sachs lifted its target for the stock to $320 from $280, while keeping a “buy” rating on the stock. Mizhuho lifted its target to a Street high of $410 from its previous target of $250, while maintaining an “outperform” rating on the shares.

Long considered a maker of commodity data storage products, Sandisk was spun off by Western Digital in an IPO in February.

When it dawned on the market sometime in the fall that the AI boom would mean an explosion in demand for data storage, Sandisk shares went parabolic.

Its more than 350% run-up between the ends of August and December led to Sandisk’s inclusion in the S&P 500. And its 560% gain for the year made it the index’s top performer.

Luke Kawa1/9/26

It looks like the stock market was expecting some tariff relief

The S&P 500 briefly dipped into negative territory and tariff-sensitive stocks swung from big gains to big losses after the Supreme Court declined to give a ruling on tariffs imposed by President Donald Trump under the IEEPA.

A basket of “Trump Tariff Losers” stocks compiled by UBS, which includes Under Armour, American Eagle, Yeti, Mattel, and Deckers Outdoor, was up as much as 1.5% in early trading before falling as much as 1.7% after news of the lack of news surfaced.

The good news is that for the market as a whole (and even this group in particular), the pain seems to have been short-lived, with both bouncing back to erase losses.

It’s a decent little snapshot or case study to show that, yes, as prediction markets imply, the stock market is pricing in tariff relief.

J. Edward Moreno1/9/26

Amazon pharmacy to begin offering home delivery for Novo Nordisk’s Wegovy pill

Amazon Pharmacy announced Friday that it will offer Novo Nordisk’s recently approved weight-loss pill Wegovy, the newest frontier in the drugmaker’s push toward direct-to-consumer options.

Amazon said it will offer delivery for the pill through insurance and cash-pay options. Novo’s cash-pay price for the pill is $149 a month — less than half of what its injectables cost through the same channel.

Novo has partnered with big-box stores like Costco and Walmart as well as several big telehealth companies, including Ro, Weight Watchers, and LifeMD, to distribute the pill. This comes as the Danish pharma giant is trying to regain ground after Eli Lilly surpassed it in market share, in large part because of its early emphasis on direct-to-consumer channels.

The Food and Drug Administration approved Novo’s weight-loss pill in December, making it the first approved weight-loss pill to go to market. It has the same active ingredient, semaglutide, as its injectable products, Ozempic and Wegovy. Lilly’s oral version, orforglipron, is expected to come to market later this year.

Matt Phillips1/9/26

Intel gains after a favorable post from Trump

Intel continued its strong 2026 start by rising early Friday, following a favorable online post from President Trump, whose administration partially nationalized the ailing American chip giant in August.

In a Truth Social post Thursday afternoon, he praised CEO Lip-Bu Tan, boasted about the amount of money the government’s 10% investment in the company has made, and said, “Our Country is determined to bring leading edge Chip Manufacturing back to America, and that is exactly what is happening!!!”

Even after adjusting for the Trumpian tendency toward hyperbole, that last comment will be intriguing to Intel watchers. The company’s search to make deals with external customers willing to use its next-generation contract chip manufacturing business, crucial to the future of Intel’s ailing foundry business, will likely be a key driver of the stock price this year.

It’s not nuts to think that having the US government as a shareholder and the president as an active cheerleader — especially one who’s not shy about putting pressure on private sector companies to get what he wants — could be helpful in corralling reticent foundry customers.

Intel is up roughly 16% year to date and has more than doubled over the last year.

Intel stock rises after Trump touts 'very successful' CEO, applauds government's investment