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CNBC
14 minutes ago
- CNBC
Nvidia says it's evaluating a 'variety of products' after report of new AI China chip
Nvidia said Tuesday that it is evaluating several products following a report that the company is working on a new artificial intelligence chip for China that is more powerful than the currently available H20. The new product, tentatively called the B30A, is expected to be based on Nvidia's Blackwell chip architecture, Reuters reported, citing people familiar with the company's plans. Nvidia hopes to deliver sample units to Chinese clients for testing as soon as next month, according to Reuters. "We evaluate a variety of products for our roadmap, so that we can be prepared to compete to the extent that governments allow," the company told CNBC in a statement. "Everything we offer is with the full approval of the applicable authorities and designed solely for beneficial commercial use." Commerce Secretary Howard Lutnick on Tuesday praised Nvidia CEO Jensen Huang and said he wouldn't be surprised if Huang wants to sell a new chip to China. "I'm sure he's pitching the president all the time," Lutnick said in an interview with CNBC's "Squawk on the Street." "I've listened to him pitch the president, and the president listens to our great technology companies, and he'll decide how he wants to play it." Earlier this month, Nvidia and rival Advanced Micro Devices agreed to give the U.S. government a 15% cut of their sales in China, in exchange for being able to resume selling chips in the region. The Trump administration halted the sale of advanced computer chips to China in April over national security concerns. Nvidia built its Chinese-specific H20 chip after the Biden administration implemented export controls on AI chips in 2023, while AMD developed the MI308 chip for the Chinese market. President Donald Trump said last week that he originally requested 20% cut of Nvidia's sales, but that Huang negotiated the number down to 15%. Trump suggested at the time that he would be open to Nvidia selling a significantly scaled-down version of its advanced Blackwell chip in China. "It's possible I'd make a deal" on a "somewhat enhanced — in a negative way — Blackwell" processor, Trump said. "In other words, take 30% to 50% off of it."
CNBC
an hour ago
- CNBC
U.S. accuses India of profiteering from Russian oil
Treasury Secretary Scott Bessent on Tuesday accused India of profiteering from cheap Russian oil imports during the war in Ukraine, describing the practice as "arbitrage" and condemning it as unacceptable. "They are just profiteering. They are reselling," Bessent told CNBC's "Squawk Box" in an interview. "This is what I would call the Indian arbitrage — buying cheap Russian oil, reselling it as product." India buys Russian oil that is sold at a discount due to sanctions, refines it into gasoline and diesel, and then sells the product back to regions that have sanctioned Russia such as Europe, said Matt Smith, an oil analyst at Kpler. India's imports of Russian oil have surged since the Kremlin launched its full scale invasion of Ukraine in February 2022. Prior to the invasion, India imported a miniscule amount of Russian crude. New Delhi is now Russia's biggest customer importing 1.5 million bpd in July, according to data from Kpler. China is the second largest buyer of Russian oil, importing about 1 million bpd last month. President Donald Trump earlier this month ordered an additional 25% tariff on Indian exports to the U.S. to punish New Delhi for buying Russian oil. The tariffs take effect next week. Trump is threatening what he calls "secondary tariffs" on Russian oil buyers like India to pressure the Kremlin to reach a negotiated settlement with Ukraine. So far, however, the U.S. has spared China from secondary tariffs over its imports of Russian crude. When asked about China's imports, Bessent suggested that Beijing's imports were less egregious in the eyes of the Trump administration because it was also a major buyer before Russia invaded Ukraine. But India actually started buying Russian oil in a major way at the behest of the U.S., said Bob McNally, president of Rapidan Energy and a former advisor to President George W. Bush. The Biden administration had asked India to accept Russian oil as other countries imposed bans in order to prevent a major oil price spike after the invasion Ukraine that would result in high gasoline prices in the U.S., McNally told CNBC. "India played a key role in the price cap sanction mechanism designed by the U.S. and its European allies to ensure Russian oil still flowed while trying to crimp the revenue Moscow earned," McNally has reached out to the Indian embassy in the U.S. for comment.
CNN
an hour ago
- CNN
The government may take a stake in Intel. But it's not about making money, Bessent suggests
Treasury Secretary Scott Bessent hinted Tuesday the US government may be considering taking a stake in struggling chipmaker Intel, coming after multiple media outlets have reported that discussions were in place. Such a deal, if it were to happen, would mark an unusual arrangement that would see the Trump administration take a stake in a private American business. In an interview with CNBC Tuesday morning, Bessent suggested a deal like this would be about boosting an American tech company, rather than making money from Intel. When asked whether taking a stake in Intel would mean convincing US companies to purchase chips from the tech giant, Bessent said any investment in Intel would be intended to 'help stabilize the company for chip production here in the US.' 'The last thing we're going to do is put pressure, is take the stake and then try to drum up business,' he said, adding that it would be a 'conversion of the grant,' likely referencing reports from Bloomberg, The New York Times and The Wall Street Journal indicating that the administration could convert grants from the CHIPS and Science Act into an equity stake. The reports indicate that the administration is weighing a 10% stake in Intel. Bloomberg first reported the discussions last week. 'There's no talk of trying to force companies to buy from Intel,' he said, adding that reliance on Taiwan for chips, where the majority of the world's chips are made, is a 'national security concern.' 'For national security, we have to stop that single point of failure,' he said. Intel declined to comment on reports of such a deal when approached by CNN last week, but said it 'is deeply committed to supporting President Trump's efforts to strengthen U.S. technology and manufacturing leadership.' 'We look forward to continuing our work with the Trump Administration to advance these shared priorities, but we are not going to comment on rumors or speculation,' the spokesperson said in a statement. 'Discussion about hypothetical deals should be regarded as speculation unless officially announced by the Administration,' White House spokesman Kush Desai said in a statement to CNN last week. The reports and Bessent's comments also come after chipmakers Nvidia and AMD said they would pay 15% from their chip sales in China to the government in exchange for export licenses. If the government does take a stake in Intel, it could also serve as a model for other Trump administration investments, two people familiar with the White House discussions on the matter told CNN last week. President Donald Trump met with Intel CEO Lip-Bu Tan last week after calling for the tech executive's resignation over allegations about his links to China. Intel has fallen behind in the chip race after losing to rivals like Qualcomm and Nvidia on the shift to mobile and AI. The chipmaker said last month that it had mostly completed plans to lay off 15% of its staff. Trump has pushed to revive manufacturing in the United States and cement America as a leader in the tech sector, two goals that have been a cornerstone of his presidency thus far. He's touted major investments from companies like Apple, TSMC and Nvidia to expand their US operations as political wins, although these companies have invested in broadening their US presence before his second term. CNN's Phil Mattingly and Clare Duffy contributed to this report.
