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🛑 Beijing Blocks Nvidia AI Chips
Why it matters: China is ordering its largest tech companies to stop buying Nvidia's artificial intelligence chips, a significant move to accelerate its semiconductor independence and directly compete with the U.S.
The big picture: The ban is a clear message from Beijing to its tech industry: the time to rely on American technology is over.
Regulators have concluded that China's own AI chips have now achieved performance comparable to Nvidia's models sold in the country, greenlighting a forceful push toward a domestic supply chain.
“We don’t sell them our best stuff, not our second best stuff, not even our third best.”
Go deeper:
↩️ Major reversal: This directive forced companies to scrap plans for potentially tens of thousands of the chips that were already undergoing testing and verification.
🚫 Expanded ban: The move goes beyond previous guidance that was focused on another China-only chip, the H20.
💪 Domestic confidence: Regulators recently met with domestic chipmakers like Huawei and concluded their products can now meet demand without Nvidia.
"I'm disappointed with what I see. But they have larger agendas to work out, between China and the US, and I'm understanding of that. We are patient about it."
📈 What's next: China's domestic chipmakers are gearing up to meet the new demand, with plans to triple the country's total output of AI processors in the coming year.
An image of Donald Trump alongside disgraced financier Jeffrey Epstein is projected on to Windsor Castle, after the arrival of the US President in Britain. © Reuters
🇬🇧 Pomp, Peril, and an Unwanted Ghost
President Donald Trump's unprecedented second state visit to the UK is a high-stakes charm offensive, with British officials hoping the pomp and ceremony will distract from a minefield of tricky questions.
Why it matters: For Prime Minister Keir Starmer, the visit is a calculated diplomatic play to keep Trump engaged with Ukraine and secure favorable trade terms.
"It's the first time this has ever happened where somebody is honoured twice. So it is a great honour."
Yes, but: The entire event is shadowed by geopolitical tensions over Gaza and Ukraine, and the specter of Jeffrey Epstein hangs over the proceedings, threatening to derail the carefully crafted agenda.
"I wonder if the prime minister will be asking the president about his friendship with Epstein."
The Royal Treatment: 👑 The White House and Downing Street are leaning into lavish ceremony, appealing to Trump's tastes and love of the royal family.
Said he was mainly going to see his "friend" the king, but may do "a little bit of work on trade."
👥 The guest list includes Apple's Tim Cook, BlackRock's Larry Fink, Microsoft's Satya Nadella, and Nvidia's Jensen Huang.
🚫 London Mayor Sadiq Khan, a longtime Trump critic, was not invited.
Some History: During Trump's last state visit in 2019, officials worked hard to keep him away from a giant "Baby Donald" inflatable protesters flew over London.
Ursula von der Leyen © Reuters
🇪🇺💰🇺🇦 EU Eyes Russia's Frozen Billions for Ukraine
Why it matters: Brussels is crafting a plan to use €170 billion of frozen Russian assets to fund "reparation loans" for Ukraine.
"Rather than wait for the end of the conflict, the money 'will help Ukraine already today'."
The move could be a game-changer for Kyiv's finances but risks a significant confrontation with Moscow.
Go deeper: The proposal is designed to transfer Russian funds to Ukraine without technically seizing the assets outright.
The push for a solution has intensified as prospects for peace fade and Washington's future support for Ukraine remains uncertain.
The Mechanism ⚙️: The money—about €170 billion—would be used to purchase zero-interest EU bonds, and the capital raised would then be transferred to Ukraine in installments.
The U.S. Angle 🇺🇸: Washington has been pressuring allies to tap Russia's underlying assets, not just the interest.
The Hurdles 🚧: Several EU countries, notably Belgium, Germany, and France, are concerned that seizing the principal could be illegal or undermine confidence in the euro.
The plan also depends on ensuring the assets remain frozen, which requires unanimous support from EU members to renew sanctions every six months.
The loans would only need to be repaid if Russia agrees to compensate Kyiv for war damages.
The use of Russia's assets "will not go unanswered."
The bottom line: Ukraine needs an estimated $50 billion in budgetary support next year. With few other options available, Europe is being forced to get creative to shoulder the financial burden of supporting Kyiv.