Trump wanted to break up Nvidia because of concerns about competition in AI chips, but acknowledged the company’s dominance.
Donald Trump said he considered trying to break up Nvidia to increase competition in AI chips before realizing “it’s not easy in this business.”
“I said, ‘Look, we’re going to break up this guy,’ before I get the facts here,” the US president said at an artificial intelligence summit in Washington. Trump said aides told him that doing so was “very difficult” and that the company held a significant advantage over all competitors that would take years to overcome.
“I thought we could go in and we could kind of break them down a little bit, give them a little competition, and I found out it’s not easy at this job,” Trump added.
Trump went on to praise Nvidia CEO Jensen Huang, who was in the audience at his event. Huang met with the president at the White House earlier this month, and last week the company announced it would be allowed to continue selling its H20 artificial intelligence chips to China as part of a recent trade truce with Beijing.
“What a job you’ve done,” Trump said. Throughout his speech, the president mentioned Huang by name, along with other technology industry leaders, and congratulated them on their investments in the United States, according to Bloomberg.
Earlier in the day, Huang used his stage session to praise the president’s approach to artificial intelligence. “The one advantage America has that no other country has is President Trump,” he said.
Nvidia earlier this month became the first company ever to surpass $4 trillion in market capitalization, as it has benefited significantly from the explosion in demand for AI hardware to power large language models.
The Justice Department launched an investigation in 2024 looking for evidence of potential anticompetitive behavior by Nvidia.
Trump at Wednesday’s event unveiled his AI action plan, which, along with a series of executive orders, is designed to help the industry by reducing regulatory burdens.
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