Trump in Beijing With Tech CEOs; Jensen Huang, Elon Musk Join Summit as AI Exports Weighed

For the first time in nine years, a sitting US president visited China. Donald Trump arrived in Beijing on May 14 with a delegation that reads as a tech-and-finance power roster: Jensen Huang (NVIDIA), Elon Musk (Tesla), Tim Cook (Apple), Larry Fink (BlackRock), Stephen Schwarzman (Blackstone), Kelly Ortberg (Boeing), and others. Xi Jinping greeted Trump with ceremony at the Great Hall of the People, and both leaders emphasized 'common interests' and the possibility of collaboration despite ongoing tensions over Taiwan, Iran, and rare-earth minerals.

The subtext of Huang's inclusion is significant. NVIDIA's market cap soared past $5.5 trillion on May 14, partly driven by optimism that the summit could ease US restrictions on exporting advanced AI chips to China. Since 2023, the US has blocked Nvidia from selling its most powerful GPUs to mainland China, a policy that cost the company hundreds of millions in lost revenue. Wall Street interpreted Huang's invitation as a signal that Trump may negotiate a softer line on AI chip exports. Energy flows are also under discussion: Iran war disruptions have cut Strait of Hormuz crude throughput by nearly 30 percent in Q1 2026, and both leaders are eyeing gas and oil deals to stabilize prices.

Institutional buyers responded by accumulating $NVDA, $TSLA, and other names with China exposure. Copper, a leading indicator of Chinese infrastructure demand, retreated from record highs as traders weighed the summit's actual yield. If the US relaxes chip export restrictions, NVIDIA's addressable market expands materially; if the US tightens restrictions further (citing Taiwan security), chip stocks could face fresh headwinds. Rare-earth mining projects in North America stand to benefit from any agreement that reduces US reliance on Chinese supply.

Critics argue that Huang's attendance signals desperation on NVIDIA's part to regain Chinese market share, and that any deal risks a political backlash at home if seen as capitulation. The summit's outcome on Taiwan clarification and rare-earth sourcing will ultimately matter more than rhetoric about collaboration.