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Aug 11, 2025
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Welcome back! Nvidia and AMD agreed to share 15% of China chip sales with the U.S. Intel's CEO plans to meet with President Trump on Monday. And Sam Altman says OpenAI should keep losing money while it improves its models.
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Nvidia and AMD will give the U.S. government a 15% cut of the sales of their chips in China, in exchange for receiving export licenses for the Chinese market, The Financial Times reported. The unusual arrangement will affect China sales of Nvidia’s H20 and AMD’s MI308 chips, for which the U.S. granted the two companies export licenses last week, according to the FT. Trump had originally threatened to ban H20 sales to China, which critics have warned could help the country’s military advance its artificial intelligence capabilities. But Nvidia’s CEO Jensen Huang has developed an increasingly close relationship with Trump and met with him last week, shortly before the U.S. granted the licenses, the FT reported. In a statement, an Nvidia spokesperson said:
“We follow rules the U.S. government sets for our participation in worldwide markets. While we haven’t shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide. America cannot repeat 5G and lose telecommunication leadership. America’s AI tech stack can be the world’s standard if we race.“
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A week after President Donald Trump called on Intel’s CEO to resign, the two men are slated to meet in the White House on Monday, The Wall Street Journal reported. Last week, Trump posted a message on Truth Social demanding that Lip-Bu Tan, the Intel CEO, resign immediately. The message came shortly after Senator Tom Cotton, the Arkansas Republican, wrote a letter to Intel’s chairman alleging that Tan had an array of connections to Chinese tech companies, some of which had ties to China’s military. Tan was born in Malaysia and is an American citizen, the Journal reported. He was previously CEO of Cadence Design Systems, which in late July agreed to plead guilty and pay $140 million for illegally exporting semiconductor design tools to a Chinese military university in a case brought by the U.S. Department of Justice. Tan intends to
explain his personal and professional background in his meeting with the president, the Journal reported.
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OpenAI CEO Sam Altman said the ChatGPT creator should keep “running at a loss” as it continues to invest in training new models, as long as it shows continuing improvements in the performance of its models. Altman said in a CNBC interview that “its nice not to be public,” implying it would be harder for OpenAI to go public with significant losses. In the interview, he said he understood why public market investors would like exposure to OpenAI soon, adding that when and if OpenAI goes public, “there will be tremendous upside left.” OpenAI on Thursday unveiled its latest AI model, GPT-5. The company is expected to be valued at $500 billion in an employee stock sale, although Altman declined to comment on that valuation in the interview.
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Shares of ad technology firm The Trade Desk dropped more than 35% on Friday, as investors responded to the company’s projection that its revenue growth would slow to 14% in the third quarter, from 19% in the second quarter, as a result of economic uncertainty flowing from President Trump’s tariff plans. The company’s second quarter also showed slower growth, of 19%, compared with growth of 25% in the first quarter. On an analyst call, executives fielded questions about rising competition from Amazon, which in the past year has been building up its advertising technology business, as The Information has reported. CEO Jeff Green said The Trade Desk’s advantage is that it only sells technology that powers advertising, whereas Amazon sells ad space on its own media properties as well as ad tech to power other sites. The Trade Desk, he argued, doesn’t have a conflict of interest in its business. That logic was not enough to convince several analysts, who downgraded the stock. MoffetNathanson, which downgraded The Trade Desk from neutral to sell, also noted that The Trade Desk has focused on selling ads in streaming television, but growth has slowed in that area. Some streaming media companies have seen their ad revenue decline by as much as 50% this year, as reported. The Trade Desk also announced it was replacing its chief financial officer Laura Schenkein, who has been with the company for more than 11 years, with board member and Lightspeed Venture Partners partner Alex Kayyal.
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In its first earnings call as a public company since its initial public offering in June, digital banking firm Chime said it made $528 million in sales in the June quarter, up 37% from the same period a year ago. However, its executives predicted that its sales growth for the full year would slump to 28% or 29%, lower than the 31% rate it posted in 2024. Chime’s stock has fallen about 14% since Thursday evening’s report to a price of $28.89. Chime, which makes most of its revenue from transaction fees whenever its customers swipe its debit and credit cards, introduced a new short-term lending product last year in a bid to attract more customers. On yesterday’s earnings call, chief financial officer Matthew Newcomb said he expected growth in the number of active members, or the number of people who transacted on Chime in the last month of the quarter, to be the
primary driver of revenue growth this year. That figure grew by 23% in the June quarter to 8.7 million active members, in line with its average annualized growth rate for that metric over the last few years. Investor expectations going into the report were high, however, with Chime’s shares trading at more than $30 per share in the hours prior to the call – above the $27 per-share price at which Chime went public.
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Intel CEO Lip-Bu Tan told employees he is committed to “advancing U.S. national and economic security,” after President Donald Trump called for him to step down due to conflicting interests with China. In a letter to employees on Thursday Tan said there is “a lot of misinformation” circulating about his past roles, and he reiterated that he has “always operated within the highest legal and ethical standards.”He said Intel is talking to the Trump administration to “address the matters that have been raised and ensure they have the facts.” Trump’s call for Tan to step down followed Sen. Tom Cotton sending a letter to Intel’s board chairman earlier this week, expressing concern about Tan’s ties to China. Tan has invested in over 600 Chinese firms, including about half a dozen with links to China’s military, according to an April | | | |
