It's a different world for Nvidia's stock under Trump. The chipmaker's latest China hit proves that

Nvidia 's China problem reared its head once again, underscoring why Jim Cramer said this week that the AI chipmaker's stock has been difficult to own during the second Trump administration. In a securities filing Tuesday night, Nvidia said the U.S. government will require the company to obtain an export license to ship its H20 artificial intelligence chips to China. The requirement will be "in effect for the indefinite future," Nvidia said. Accordingly, the company said it will book a $5.5 billion charge in its fiscal 2026 first quarter, which ends this month, tied to H20 inventory, purchase commitments, and "related reserves." The inventory charge suggests Nvidia does not expect to be granted a license, analysts said. Shares of Nvidia were down more than 6% on the news in premarket trading. The development reinforces the notion that Nvidia — the driving force of the generative AI boom on Wall Street for the past two years, turning in extraordinary sales, profit and share-price growth during that time — finds itself in an increasingly precarious moment. Nvidia has run into geopolitical roadblocks before — in fact, the made-for-...
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