Nvidia and Advanced Micro Devices have struck an unprecedented agreement with the Trump administration that will see the two chipmakers hand 15% of revenue from sales of certain artificial-intelligence processors in China to the U.S. Treasury. In return, Washington has issued export licences allowing Nvidia’s H20 GPU and AMD’s MI308 accelerator—both pared-back models designed to comply with U.S. controls—to resume shipments to the world’s second-largest economy. The revenue-sharing arrangement follows an April ban that halted exports of the chips on national-security grounds and forced Nvidia to write off billions of dollars in unsold inventory. According to people briefed on the talks, President Donald Trump initially sought a 20% cut before settling at 15%. Nvidia said only that it “follows rules the U.S. government sets for our participation in worldwide markets,” adding that the company hopes export rules will let America “compete in China and worldwide.” China accounted for roughly 13% of Nvidia’s revenue last fiscal year, and Wall Street projects the figure could reach about US$20 billion in fiscal 2026, implying a potential US$3 billion windfall for the U.S. government. Analysts say keeping even 85% of Chinese sales is preferable to a continued ban, though the levy could raise costs for Chinese buyers and heighten Beijing’s push to develop domestic alternatives. The deal introduces a novel, company-specific tool to U.S. trade policy and may set a precedent for future technology exports. Market reaction was muted: AMD shares fell as much as 3.2% and Nvidia about 1.2% in early New York trading before paring losses. Investors weighed the partial loss of revenue against renewed access to a market that neither firm can easily forfeit.