NVDA (US)

The House Rules Committee did not make the MATCH Act, the Chip Security Act, or the AI Overwatch Act in order as amendments to the fiscal year 2027 National Defense Authorization Act (NDAA). This move…

We remain skeptical that Congress will pass comprehensive federal AI legislation this year or likely next year, leaving companies to navigate a state-by-state regulatory patchwork since no current federal law exists that broadly preempts state…

Below are the key takeaways from our conference call on this week’s Trump/Xi summit in Beijing. During the call, we touched on trade in general as well as the USMCA agreement. Our base case remains…

Sen. Jim Banks (R-IN) introduced his version of the AI Overwatch Act yesterday, which would, among other things, impose a two-year ban on sales of high-end AI chips such as Nvidia’s (NVDA) Blackwell systems to…

In the past week, the House and Senate have introduced bipartisan legislation known as the MATCH Act, or the Multilateral Alignment of Technology Controls on Hardware Act, which poses headline risk for ASML (ASML) and Tokyo Electron (TOELY). The legislative measure is designed to tighten U.S. export controls on semiconductor manufacturing equipment…

Recent developments on the AI front – including the Trump administration’s recently released AI policy blueprint and a letter made public today from Sens. Jim Banks (R-IN) and Elizabeth Warren (D-MA), urging an immediate pause in Nvidia (NVDA) AI chip exports to China, highlighting that while there will continue to be a great deal of sound coming out of DC, we’re…

Yesterday’s announcement by the White House to allow Nvidia (NVDA to sell the H200 chip to China reinforces our view that there’s an out of consensus 40-50% probability that NVDA could sell the more advanced…

We continue to expect that three of the most material non-defense-related items that some members of Congress hoped to include in the National Defense Authorization Act (NDAA) will not make the final cut. Those amendments are:  GAIN…

Congress returns to Washington this week, with little on the formal legislative agenda likely to move markets. Still, investors should keep an eye on the following developments:   A potential Trump administration farm aid announcement.   Progress…

With Nvidia (NVDA) exports to China once again making headlines, we see roughly a 40–50% probability that the company will be permitted to export China-specific versions of its Blackwell chips as early as next year. …