Trump Trade: Nvidia CEO ‘disappointed’ after report of China ban

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

AI CHIPS: Nvidia (NVDA) CEO Jensen Huang says he was “disappointed” after The Financial Times reported that China has banned Chinese companies from using Nvidia’s RTX Pro 6000D AI chips, CNBC’s Ryan Browne reports. The Trump administration in August agreed a deal under which Nvidia would receive export licenses for its H20 AI chips in exchange for 15% of its China sales, but the FT reported Wednesday that China has urged its domestic tech firms not to use Nvidia’s AI chips. “We probably contributed more to the China market than most countries have. And I’m disappointed with what I see,” Huang told reporters Wednesday at a press briefing in London. “But they have larger agendas to work out between China and the United States, and I’m understanding of that.”

KIMMEL SUSPENSION: In a post on Truth Social, President Donald Trump said, “Great News for America: The ratings challenged Jimmy Kimmel Show is CANCELLED. Congratulations to ABC for finally having the courage to do what had to be done. Kimmel has ZERO talent, and worse ratings than even Colbert, if that’s possible. That leaves Jimmy and Seth, two total losers, on Fake News NBC. Their ratings are also horrible. Do it NBC!!! President DJT.” Disney’s (DIS) ABC said Wednesday that it plans to remove “Jimmy Kimmel Live!” from its schedule “indefinitely” after Nexstar Media (NXST), one of the biggest owners of TV stations in the U.S., said it would pre-empt airings of the late-night show after the host’s remarks about the killing of conservative activist Charlie Kirk.

PRIVATIZATION ATTEMPT: Keefe Bruyette raised the firm’s price target on Fannie Mae (FNMA) to $10 from $4 and Freddie Mac (FMCC) to $11 from $4.50. The firm thinks an attempt to privatize the government sponsored entities appears likely to start in early 2026, “but hurdles still exist.” The likelihood of success has increased meaningfully over the past six months, with President Trump starting his goal is to take the companies public, and others in the administration echoing the remarks, the firm tells investors in a research note. Keefe continues to think privatization will be done administratively, with Congress not playing a role. It reiterates Underperform ratings on both Fannie and Freddie, believing dilution risk for the common shares are meaningful in the event of a privatization.

FED RATE CUTS: Goldman Sachs (GS) chief economist Jan Hatzius writes that following the FOMC easing, the firm continues to expect an additional two 25bps rate cuts this year, though a 50bps cut is possible if the labor market weakens more than expected. Goldman also sees two cuts in 2026 to 3.00%-3.25%, noting that its rate path expectation tilts “a bit more dovish” than the market pricing. The statement added dovish language, similar to that used in September 2024 and in Chair Powell’s Jackson Hole speech, Hatzius states. Goldman also believes that Chair Powell’s description of labor market developments also highlighted additional weakness beyond the rise in the unemployment rate.