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Luke Kawa

Commerce Department tweaks export rules, paving the way for Nvidia to ship H200s to China

US President Donald Trump’s call for Nvidia and its peers to be able to sell advanced AI chips to Chinese customers has evolved from the realm of social media posts to official policy paperwork.

The Department of Commerce’s Bureau of Industry and Security revised its export license review policy for certain semiconductors, laying out what kinds of chips Nvidia and other semi companies will be allowed to ship to China and the terms of this arrangement.

For chips with a total processing power of less than 21,000 and a DRAM bandwidth of less than 6,500 gigabytes per second, a group that includes Nvidia’s H200 as well as AMD’s MI325X, “this final rule specifies certain conditions that, if satisfied, allow for license applicants to move from a presumption of denial to a case-by-case license review policy for exports from the United States destined to China or Macau.”

Two of the key stipulations include:

  • These products must be readily available in the US for those who want to buy them; and

  • Aggregate shipments of these chips to China and Macau can’t exceed 50% of their total end use by US customers.

H200s are the most advanced chips from the Hopper line, which was Nvidia’s leading offering prior to Blackwell.

While Trump’s Truth Social post on December 8 indicated that 25% of the proceeds from sales of these chips to China would go to the US government, there is no reference to such a provision in this particular document.

Chinese buyers have reportedly put in orders for more than 2 million H200s, making this a potential $54 billion sales channel for the world’s most valuable company.

However, the willingness of Chinese officials to allow that many processors to be imported at a time when they’re also focused on developing their domestic chip capabilities remains an open question.

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Luke Kawa
7/13/26
Meet the newly public, Bezos-backed company that’s recreating the sun and stars

General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

Web Summit Vancouver 2026 - Day Three
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J. Edward Moreno

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Luke Kawa
7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings
markets
Paige Oamek

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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