Trump bought Nvidia shares just before scrapping AI chip export controls, report says

US President Donald Trump purchased Nvidia shares shortly before his administration scrapped export controls on advanced AI chips that directly benefited the company, a foreign media report said, raising conflict-of-interest concerns over the relationship between his policy decisions and personal investments.

The Guardian reported Friday (local time), citing an analysis by anti-corruption group Decleptocracy and public financial disclosure records, that Trump bought between $1 million and $5 million worth of Nvidia shares just days before his administration announced the repeal of the AI Diffusion Framework in May last year. He also purchased shares in Apple, Meta and Microsoft around the same time, the report said.

The AI Diffusion Framework was an advanced AI chip export control system established by the Joe Biden administration in January 2025. It divided countries into tiers — allied and partner nations such as South Korea, general countries, and countries of concern including China, Russia and North Korea — and applied differentiated export restrictions on AI semiconductors accordingly. Under the framework, China would have faced significant barriers to importing US-made chips, limiting its ability to close the technology gap.

The Trump administration abolished the framework, arguing it stifled innovation by US companies and imposed an excessive regulatory burden. It also cited concerns that the tiered approach could strain diplomatic relations with multiple countries.

"If the AI Diffusion Framework had been implemented, Nvidia would have faced restrictions on selling its products to China, one of its largest markets," the Guardian said. "Nvidia's share price rose shortly after Trump announced the repeal — and shortly after he purchased the shares."

The Guardian also reported that Trump bought Nvidia shares at least three more times shortly after announcing in December 2025 that he would allow Nvidia to sell its H200 chips to China. The disclosures have deepened questions about whether the president's personal financial interests influenced his policy judgments during the deregulation process.

The conflict-of-interest controversy is expected to intensify further in light of separate allegations surrounding Nvidia CEO Jensen Huang, whose romantic ties to a Chinese spy were confirmed. Trump has faced mounting criticism over whether his personal relationship with Huang and private financial interests led him to overlook known security risks.

The opposition Democratic Party, which will take control of Congress starting next year, has launched formal proceedings to investigate the alleged collusion between Trump and Huang and its consequences.