US President Donald Trump's investments in Nvidia have come under scrutiny after an analysis of his financial disclosures revealed that he bought shares worth up to USD 5 million shortly before his administration rolled back restrictions on advanced AI chip exports to China.

The purchases, flagged by anti-corruption group DeKleptocracy, have raised questions about a potential conflict of interest, as the policy reversal stood to benefit Nvidia, one of the world's biggest semiconductor companies.

Trump's financial disclosures show that he purchased Nvidia shares worth between USD 1 million and USD 5 million in May 2025, shortly before his administration scrapped a Biden-era framework restricting the export of advanced American AI chips to countries including China.

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The timing of the transactions has drawn attention because Nvidia's shares gained value following the policy change. However, the disclosures do not establish that Trump's personal investments influenced the administration's decision.

From Rolling Back Export Curbs To Clearing H200 Sales

The Biden administration introduced the AI Diffusion Framework in January 2025 to regulate the global distribution of advanced American AI chips. It was designed to limit China's access to powerful computing technology amid concerns that it could strengthen the country's artificial intelligence and military capabilities.

The Trump administration rescinded the framework in May 2025, removing restrictions that could have limited American chipmakers' ability to sell advanced processors to China.

The policy shift was followed by another significant decision in December 2025, when Trump announced that Nvidia would be allowed to sell its H200 AI chips to China. The US Department of Commerce approved the move in January 2026.

The H200 was among Nvidia's most powerful processors available at the time. The decision drew criticism from national security experts who warned that access to the chips could strengthen China's AI capabilities.

The Council on Foreign Relations cautioned that such sales could "supercharge" China's future AI factories.

Trump Made More Nvidia Purchases After H200 Announcement

His financial disclosures also show that Trump made at least three Nvidia stock purchases in the days after announcing the H200 sales decision. Each transaction was valued between USD 250,001 and USD 500,000.

He has carried out dozens of transactions involving Nvidia shares since returning to office, according to the disclosures. His investments have also included other major technology companies such as Apple, Meta and Microsoft.

The White House has previously maintained that Trump's investment portfolio is managed by independent third-party financial institutions, which make investment decisions without his involvement.

Anti-Corruption Group Questions Potential Conflict Of Interest

DeKleptocracy has questioned whether Trump's personal financial interests may have intersected with policy decisions benefiting Nvidia and the wider AI industry.

The group also drew a comparison with allegations surrounding possible Chinese influence over policy decisions involving an AI company, arguing that the President's own financial interests deserved scrutiny.

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In its analysis, DeKleptocracy wrote: "While the country debates how a possible Chinese spy may have manipulated White House policy for one AI company, it must grapple with how Trump's corruption may have motivated him to deliver the entire AI industry's technology to China."

The disclosures have brought renewed attention to the overlap between Trump's personal investments and decisions made by his administration. However, no evidence cited in the analysis establishes that he changed export policy to benefit his own stock holdings.

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