In a dramatic escalation of the U.S.-China tech war, the Trump administration has forged an unprecedented deal with Nvidia and AMD. The agreement requires the chipmakers to pay the U.S. government 15% of all revenue from AI chip sales to China in exchange for export licenses.

In an unusual and unprecedented move, NVIDIA (NVDA) and Advanced Micro Devices (AMD) have reached an agreement with the US government to hand over 15% of their