The Financial Times first reported on this “highly unusual” arrangement that is part of reopening the gate for Nvidia and AMD to sell previous-gen AI chips to companies in China: > The US official said Nvidia agreed to share 15 per cent of the revenues from H20 chip sales in China and AMD will provide the same percentage from MI308 chip revenues.

Nvidia, the world’s biggest chip maker, is often described as the “pick and shovel” provider for the new technology’s massive investment story. Earnings from AMD, Arista Networks, and Astera Labs suggests that there are subtle ways to play the trade.