Rate Of ReturnIn last night's list, NVIDIA's Jensen Huang was absent. Within 24 hours, the plot reversed: Old Huang (Jensen Huang) was added, joining mid-way with a layover in Alaska.
The last-minute addition, and the fact that he boarded not from his home turf but had to "cut in line" mid-journey, indicates that the semiconductor negotiations at the table are extremely intense. The two sides are deadlocked, forcing an emergency call for someone who can shift the balance. Old Huang is that counterweight: he is the global godfather of AI computing power and also the person most centrally caught in export controls.
For China, this is a clear structural positive in the short term. This is not about "sanctioning China," but about "negotiating terms": discussing special compliance frameworks and the gray areas of computing power redlines, indicating that hard decoupling is being put into reverse. However, it's important to stay calm—this is more of an emergency mechanism at the commercial and technological level, not a complete opening up.
The market will likely refocus on AI, computing power, and semiconductor self-sufficiency as key themes. In a nutshell: the Iron Curtain hasn't been lifted, but finally, someone is knocking at the door to discuss the rules.
$NVIDIA(NVDA.US)
Donald Trump arrived, followed by Apple's Tim Cook, Tesla's Elon Musk, and the heads of Goldman Sachs, Blackstone, and Boeing.
Mouths talk decoupling, but actions speak louder: Wall Street wants the market, Silicon Valley wants the supply chain, and the Midwest farms want orders. The real signal of this trip is—friction has a ceiling, business goes on as usual.
But don't forget, NVIDIA's Jensen Huang is not on the list—the iron curtain of cutting-edge computing power still hangs high.
Go with the flow in the short term and enjoy the dividend of sentiment repair; but don't get carried away, a state visit cannot solve all structural problems. In the eyes of top businesspeople, commercial logic always outweighs political rhetoric.
$Apple(AAPL.US)$NVIDIA(NVDA.US)$Tesla(TSLA.US)
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