President Donald Trump announced on Tuesday, October 28, that he would be meeting with Nvidia (NASDAQ: NVDA) CEO Jensen Huang on Wednesday.
The plan was revealed during Trump’s address to business leaders in Tokyo, but it was alluded to last week when the chipmaker said that Huang planned to meet global leaders during the Asia-Pacific Economic Cooperation CEO Summit in South Korea.
As a result, Nvidia stock, which was already up 4.87% on the five-day chart, rose more than 1% in pre-market as well, trading at $193.48 at press time.
NVDA five-day price. Source: Google FinanceAmerican AI infrastructure
While the president has provided no official details about tomorrow’s agenda, the context of the announcement makes it very likely that the discussion is going to touch upon the domestic artificial intelligence (AI) infrastructure and chip production.
During his speech, Trump mentioned both Nvidia and Taiwan Semiconductor Manufacturing Company (NYSE: TSM), which he said were responsible for the “state-of-the-art Blackwell” chip, made entirely in the U.S.
He further stressed that the two companies are already spending hundreds of billions of dollars in the U.S., hinting that the spending might actually ramp up in the following months.
Jensen Huang himself is set to deliver a keynote speech in Washington, D.C. today, with investors closely watching for news regarding Nvidia’s operations in China.
The event also marks the first time Washington has hosted Nvidia’s GTC conference, reflecting the company’s growing engagement with government agencies and defense contractors.
Featured image via Shutterstock
Source: https://finbold.com/nvidia-stock-nears-200-ahead-of-trumps-meeting-with-jensen-huang/
