Trump bought up to $5 million in Nvidia stock ahead of China chip policy shift: Watchdog analysis

US President Donald Trump purchased between $1 million and $5 million worth of Nvidia shares shortly before his administration revoked a Biden-era restriction on advanced artificial intelligence (AI) chip exports to China, according to an analysis of public financial disclosures by the anti-corruption group DeKleptocracy and reported by The Guardian.

The disclosures indicate the transaction occurred in May 2025, one day before the administration withdrew the AI Diffusion Framework — a rule designed to limit Nvidia’s ability to sell advanced chips to China on national security grounds. Nvidia’s share price rose following the policy reversal, which cleared a path for the chipmaker to expand sales in a market that previously accounted for roughly a quarter of its revenue.

According to DeKleptocracy’s review, Trump reported 53 Nvidia investments and roughly 2,100 trades across 68 AI-related companies over the course of 2025, alongside purchases in major technology firms including Apple, Meta, and Microsoft.

The analysis also highlighted a December 9, 2025, transaction in which Trump acquired between $5 million and $25 million in Nvidia shares around the time of a separate administration policy shift approving shipments of H200 chips to China.

Financial disclosure filings establish the timing and reported value ranges of the stock trades, though they do not demonstrate whether the president's personal holdings directly influenced the administration's policy decisions.

The report has prompted calls for oversight on Capitol Hill, with Democratic lawmakers initiating steps toward a formal inquiry into potential conflicts of interest surrounding the timing of the trades. Advisers to the president stated that the transactions were executed through automated investment portfolios.

The scrutiny comes amid heightened focus on ties between the White House and Nvidia leadership. Former Nvidia Chief Executive Officer Jensen Huang, who has been described as a close Trump ally and met with the president multiple times, recently resigned amid a separate controversy involving an alleged relationship with a suspected Chinese intelligence operative. Nvidia had also contributed $25 million toward a White House ballroom project in October 2025.