U.S. President Trump and Chinese President Xi Jinping concluded their high-stakes summit on May 15 without easing technology trade restrictions. U.S. Trade Representative Jamieson Greer confirmed that semiconductor export controls were not a primary topic of discussion. This outcome disappointed investors who had anticipated a breakthrough for Nvidia's H200 chip sales to China.
Market reactions were immediate as global semiconductor stocks declined. Nvidia shares fell over 2.5% and AMD dropped more than 3% in pre-market trading. The sell-off extended to international firms including SK Hynix, STMicroelectronics, and ASML. These losses erased recent gains, signaling that geopolitical tensions currently outweigh the market's AI-driven optimism.