Trump Weekly: 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 Trump with this weekly 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.”

DEADLINE EXTENDED: President Donald Trump has signed an executive order to extend the deadline for TikTok’s Chinese parent ByteDance to divest the platform’s U.S. operations until December 16, the fourth extension he’s issued since a national security law that requires ByteDance to sell off TikTok’s US business took effect in January, Bloomberg’s Alexandra S. Levine and Hadriana Lowenkron report. Trump told reporters he had “a deal on TikTok” with the Chinese, and Treasury Secretary Scott Bessent said the deal was similar to the commercial terms negotiated earlier in the year. The deal will allow TikTok’s U.S. operations to be controlled by a group including Oracle (ORCL), Silver Lake, and Andreessen Horowitz, with Oracle keeping the TikTok cloud contract. Publicly traded companies in the space include Meta Platforms (META), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).

CHINESE ALGORITHM: China says the U.S. spinoff of TikTok will use ByteDance’s Chinese algorithm and that the U.S.-agreed framework includes “licensing the algorithm and other IP rights,” The Financial Times reports. Wang Jingtao, deputy head of China’s powerful cyber security regulator, says ByteDance will “entrust the operation of TikTok’s U.S. user data and content security.” Meanwhile, Bloomberg reported that President Donald Trump has signed an executive order to extend the deadline for TikTok’s Chinese parent ByteDance to divest the platform’s U.S. operations until December 16, which will allow TikTok’s U.S. operations to be controlled by a group including Oracle (ORCL), Silver Lake, and Andreessen Horowitz, with Oracle keeping the TikTok cloud contract.

KIMMEL SUSPENSION: House Democratic leaders, including Democratic Leader Hakeem Jeffries, Whip Katherine Clark, Caucus Chair Pete Aguilar, Caucus Vice Chair Ted Lieu, Assistant Leader Joe Neguse, and DCCC Chair Suzan DelBene, released a statement saying, “Brendan Carr, the so-called Chairman of the Federal Communications Commission, has engaged in the corrupt abuse of power. He has disgraced the office he holds by bullying ABC, the employer of Jimmy Kimmel, and forcing the company to bend the knee to the Trump administration. FCC Chair Brendan Carr should resign immediately. Donald Trump and the Republican Party’s war on the First Amendment is blatantly inconsistent with American values. Media companies, such as the one that suspended Mr. Kimmel, have a lot to explain. The censoring of artists and cancellation of shows is an act of cowardice. It may also be part of a corrupt pay-to-play scheme. House Democrats will make sure the American people learn the truth, even if that requires the relentless unleashing of congressional subpoena power. This will not be forgotten.”

After Federal Communications Commission Chairman Brendan Carr blasted late-night host Jimmy Kimmel over his remarks related to the killing of Charlie Kirk, executives at Sinclair (SBGI) and Nexstar (NXST), owners of over 60 ABC stations, said they would “indefinitely preempt” the show starting that night, Joe Flint, Suzanne Vranica, and Isabella Simonetti of The Wall Street Journal report. Kimmel planned to address comments made by Carr on his show Wednesday night, but co-chairman of Disney (DIS) Entertainment Dana Walden and other senior executives briefed on his plan believed his approach could make the situation worst, people familiar with their conversations said. Additionally, due to threatening emails received by staff on Kimmel’s show, Walden and Disney CEO Bob Iger decided to temporarily take “Jimmy Kimmel Live!” off the air, sources added.

In a post on Truth Social earlier this week, 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 ABC said Wednesday that it plans to remove “Jimmy Kimmel Live!” from its schedule “indefinitely” after Nexstar Media, 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.

ANTITRUST PROBE: China is dropping an antitrust probe into Google (GOOGL), which centered on the dominance of the company’s Android operating system and its impact on Chinese phone makers that use the software, Cheng Leng, Zijing Wu, and Eleanor Olcott of The Financial Times report, citing two people briefed on the decision. The decision displays a tactical recalibration by Beijing, which is now focusing its regulatory firepower on Nvidia (NVDA) as a point of leverage in trade discussions with U.S., two people told the Times.

MANUFACTURING BOOST: The Trump administration is considering a plan to spur domestic factory construction using a $550B investment fund from Japan, The Wall Street Journal’s Brian Schwartz and Gavin Bade report. The plan would give priority to sectors like semiconductors and critical minerals, offering preferential treatment and access to federal resources. It comes as the president has secured a government stake in Intel (INTC), negotiated a “golden share” in U.S. Steel (X), and persuaded chip companies to give the U.S. a cut of certain sales to China.

REQUEST: U.S. President Donald Trump has asked the U.S. Supreme Court to allow him to fire Federal Reserve Governor Lisa Cook, Bloomberg’s Zoe Tillman reports. The Justice Department has requested that the highest court at least temporarily halt a federal judge’s ruling that has allowed the Fed governor to remain in her role for the time being, the author notes.

LIBEL LAWSUIT: Trump said on social media, “Today, I have the Great Honor of bringing a $15 Billion Dollar Defamation and Libel Lawsuit against The New York Times, one of the worst and most degenerate newspapers in the History of our Country, becoming a virtual “mouthpiece” for the Radical Left Democrat Party. I view it as the single largest illegal Campaign contribution, EVER. Their Endorsement of Kamala Harris was actually put dead center on the front page of The New York Times, something heretofore UNHEARD OF! The “Times” has engaged in a decades long method of lying about your Favorite President (ME!), my family, business, the America First Movement, MAGA, and our Nation as a whole. I am PROUD to hold this once respected “rag” responsible, as we are doing with the Fake News Networks such as our successful litigation against George Slopadopoulos/ABC/Disney, and 60 Minutes/CBS/Paramount, who knew that they were falsely “smearing” me through a highly sophisticated system of document and visual alteration, which was, in effect, a malicious form of defamation, and thus, settled for record amounts. They practiced this longterm INTENT and pattern of abuse, which is both unacceptable and illegal. The New York Times has been allowed to freely lie, smear, and defame me for far too long, and that stops, NOW! The suit is being brought in the Great State of Florida. Thank you for your attention to this matter.”

Florida District Judge Steven Merryday judge in Florida has since tossed out President Donald Trump’s $15B defamation lawsuit against the New York Times (NYT), saying the suit can be refiled with “short, plain, direct” claims. The current suit “unmistakably and inexcusably” violated the court’s rules by featuring “repetitive,” “superfluous” and “florid” allegations, the judge wrote.