While Nvidia is being squeezed out of China, other policy changes may help open up additional markets. The US president recently visited Saudi Arabia and other states in the Middle East, where he announced large AI projects. That reversed a push by his predecessor to clamp down on the region’s access to AI technology.

Nvidia weathered a storm of tariff uncertainty and export controls to exceed Wall Street’s lofty expectations for sales when the AI chip behemoth reported quarterly earnings Wednesday. The hit to profits and margins came in worse than expected,