Why Nvidia’s and AMD’s China deal with Trump could backfire. The companies making the most money from the AI boom are the ones selling the processors, such as Nvidia and AMD.

Bessent called the deal “unique,” before suggesting that it could be a lot less unique soon. Scholars have another word: unprecedented.

The arrangement crafted by the Trump administration is “unusual,” analysts told CNBC, but underscores the president's transactional nature.