US President Donald Trump purchased millions of dollars in Nvidia shares around the time his administration eased restrictions on exporting advanced artificial intelligence chips to China, according to an investigation.
An analysis by anti-corruption group DeKleptocracy, reported that Trump’s financial disclosures showed purchases of between $1 million and $5 million in Nvidia stock shortly before his administration scrapped a Biden-era AI chip export rule in May 2025.
The restrictions were designed to prevent advanced American technology from reaching China over national security concerns.
Nvidia shares rose following the policy announcement.
Trump subsequently announced in December 2025 that Nvidia could sell its powerful H200 chips to China, a decision approved by the Commerce Department the following month.
Financial disclosures reportedly show Trump made at least three additional Nvidia stock purchases after that announcement, each valued between $250,001 and $500,000.
The revelations have raised questions about potential conflicts of interest between Trump’s personal investments and government decisions.
The report comes amid separate scrutiny of former Nvidia CEO Jensen Huang’s alleged relationship with a suspected Chinese intelligence operative.
Nvidia also contributed $25 million towards Trump’s White House ballroom project in October 2025.
The reported stock purchases do not, by themselves, establish that Trump changed export policy for personal financial gain.
