00:00 Speaker A
Well, overnight, China has ruled that Nvidia violated anti-monopoly laws after concluding an initial investigation.
00:10 Speaker A
This is likely to ramp up the pressure on Washington during sensitive trade negotiations that are taking place right now in Madrid.
00:20 Speaker A
Nvidia’s shares fell over 2% in the pre-market. The company has previously disclosed it’s facing scrutiny inside China where regulators demanded it keep supplying local companies in return
00:34 Speaker A
for regulatory approval of its 2020 acquisition of Mellanox.
00:40 Speaker A
According to China’s anti-trust law, companies can face fines of between 1 and 10% of their annual sales from the previous year.
00:50 Speaker A
China generated $17 billion in revenue for Nvidia in the fiscal year ending January 26th, or 13% of total sales based on its last annual report.
01:03 Speaker A
Now, US-China trade talks continue in Madrid today with the sale of Tik Tok high up on the agenda.
01:10 Speaker A
Here’s President Trump’s take on that. He was speaking before China released its Nvidia statement.
01:23 Donald Trump
I may or may not. They’re negotiating Tik Tok right now.
01:28 Donald Trump
We may let it die or we may, I don’t know, it depends. Up to China. It doesn’t matter too much.
01:33 Donald Trump
I’d like to uh do it for the kids that like it.
01:37 Donald Trump
I mean, selfishly speaking, I did very well on Tik Tok and I got the youth vote. I got numbers that nobody’s ever even come close to in the Republican Party, nobody.
01:48 Donald Trump
If you look back to Romney and all these people, they got practically no votes. I got a lot.
01:53 Donald Trump
And uh some was attributed to Tik Tok, and a lot was attributed to Charlie.
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