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Trump's Nvidia, AMD deal prompts security concerns |
President Trump's reversal on previously blocked chip sales to China has sparked cries that the White House is selling out America's security concerns in a bid to raise revenue. |
© Illustration / Courtney Jones; Greg Nash; Michael Dinneen, Associated Press; and Adobe Stock |
Trump on Monday agreed to allow tech giants Nvidia and AMD to secure export licenses to sell their advanced artificial intelligence (AI) chips in China in exchange for a 15 percent cut of the profits. The White House said Tuesday that more such deals could be on the table. The unusual deal doesn't just raise legal questions. Experts say the U.S. should be wary of turning over American-made technology that could boost its adversary's AI capabilities, at a time when the two countries are fiercely competing for dominance. The security concerns appear to be a two-way street. China urged tech companies there to avoid any purchase of Nvidia's H20 chip, citing security issues. The move once again has Trump at odds with Congress's China hawks, who argue the administration is shortchanging America's national security interests to make a buck. Rep. Raja Krishnamoorthi (Ill.), the top Democrat on the House Select Committee on the Chinese Communist Party, in a statement said the most troubling part of the deal was a contradiction at the heart of the policy. "The administration cannot simultaneously treat semiconductor exports as both a national security threat and a revenue opportunity," he said. "By putting a price on our security concerns, we signal to China and our allies that American national security principles are negotiable for the right fee." The same panel's GOP chair, Rep. John Moolenaar (Mich.), said there are "questions about the legal basis" for such a deal. "Export controls are a frontline defense in protecting our national security, and we should not set a precedent that incentivizes the Government to grant licenses to sell China technology that will enhance its AI capabilities," he said in a statement. Check out the full report at TheHill.com. |
Welcome to The Hill's Technology newsletter, I'm Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley. |
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| How policy will be impacting the tech sector now and in the future: |
Judge rejects Musk's bid to dismiss OpenAI harassment claims |
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A federal judge on Tuesday rejected Elon Musk's request to dismiss claims brought by OpenAI accusing the tech billionaire of engaging in a "years-long harassment campaign" against the company. U.S. District Judge Yvonne Gonzalez Rogers ruled OpenAI's counterclaims are "sufficient" and can move forward as part of the lawsuit Musk brought against the ChatGPT maker last year. Musk, who helped found OpenAI in 2015, sued … |
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First Space Force-sanctioned flight blasts off |
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The United Launch Alliance launched a Vulcan rocket Tuesday night from Florida as part of the first U.S. Space Force-sanctioned flight. The 200-foot spacecraft with four rocket boosters lifted off at 8:56 p.m. EDT from Cape Canaveral Space Force Station in Florida. "It's an exciting day for us as we launched the first NSSL flight of Vulcan, an outstanding achievement for United Launch Alliance and the nation's strategic space … |
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New York sues Zelle, alleging lack of safeguards against fraud |
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The state of New York sued Zelle's parent company Wednesday, accusing the firm behind the electronic payment platform of failing to adopt sufficient safeguards to protect consumers from fraud. New York Attorney Letitia James alleged that Early Warning Services, a financial technology company owned by the nation's largest banks, hastily launched Zelle to compete with emerging payment platforms, like Venmo and PayPal. … |
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News we've flagged from the intersection of tech and other topics: |
- U.S. embeds trackers in AI chip shipments to catch diversions to China (Reuters)
- Apple plots expansion into AI robots, home security and smart displays (Bloomberg)
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Bullish makes its NYSE debut |
© AP Photo/Julia Nikhinson |
The crypto exchange Bullish made a strong first impression on the New York Stock Exchange on Wednesday, surging more than 200 percent in its public debut. The firm, which is backed by venture capitalist Peter Thiel, opened at $90 and peaked at $118, well above its initial public offer (IPO) price of $37. It finished trading Wednesday at $68, up about 84 percent. Bullish is the latest crypto company to go public. Stablecoin issuer Circle made its debut on the stock exchange in June. Gemini, a crypto exchange run by Tyler and Cameron Winklevoss, has also reportedly filed for an IPO confidentially. The flurry of activity comes as the crypto industry has found a more receptive partner in Washington under President Trump and a Republican-controlled Congress. Trump signed the GENIUS Act into law last month, establishing a regulatory framework for dollar-backed digital tokens known as stablecoins. However, the crown jewel of crypto legislation — a market structure bill that breaks up oversight between the Securities and Exchange Commission and Commodity Futures Trading Commission — remains elusive. The House passed its version of the bill, the Digital Asset Market Clarity Act, last month, but the Senate appears keen on taking its own approach. Senate Banking Republicans released a discussion draft of their own legislation in late July. The White House and Senate GOP have set their sights on passing a market structure bill by the end of September, although this may be complicated by other battles looming in Congress next month. |
Crypto Corner is a daily feature focused on digital currency and its outlook in Washington. |
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