Are Intel And AMD Next As Trump Lifts Export Controls on Nvidia?

Wells Fargo said in a note Tuesday that the Trump administration's decision to lift export controls on Nvidia's H200 GPU shipments to China could soon extend to rivals AMD and Intel.

Analyst Aaron Rakers called the move "an incremental positive," adding that investors could view it as a "$25-$30B/annum+ revenue and +$0.60-$0.70/sh EPS impact" for Nvidia.

The announcement, disclosed on Truth Social, revealed that the U.S. has informed China's President Xi that Washington will allow Nvidia to ship its H200 into China, easing restrictions that had blocked sales of the H20 chip since April.

Wells Fargo notes that the administration will not include Blackwell GPUs in the deal, though reports in October suggested approval for the B30A.

Nvidia had previously reported export-control impacts of roughly $4.6B in fiscal Q1 and $4.0B in fiscal Q2, with China historically representing 20–25% of its data center revenue.

The bank flagged several open questions, including "incremental capacity allocation," the approval process for Chinese customers, whether Nvidia can repurpose written-down H20 inventory for H200, and the "25% of revenue paid to US Gov't" under export-control rules.

Crucially, Wells Fargo says the policy shift also covers AMD and Intel, with both expected to benefit.

AMD's MI308X had already been granted licenses, but the ban had cut revenue guidance by about $700M for Q2 2025 and $1.5B for 2025.

Wells Fargo now expects AMD to receive licenses for its higher-performance MI300X and MI325X accelerators, the latter delivering "20,919 TPP."

With AI-chip demand booming and export barriers falling, Wells Fargo suggests Nvidia may not be the only winner, and that AMD and Intel could soon see similar tailwinds.

Source: Investing