China’s Tech Bubble

Late last year, President Trump announced that Washington would loosen controls on chip exports to China, permitting Nvidia to sell its H200 AI chip to approved Chinese firms. The president’s decision raised the alarm among lawmakers that he was sacrificing American security and the country’s edge in AI for a trade deal with China’s leader, Xi Jinping. But any concern that Chinese companies would be gobbling up precious Nvidia chips was soon squelched by Beijing’s own ban on orders of the H200.…