When it comes to claiming that Venezuelan oil is now under his control, President Donald Trump is mincing no words. But no small part of that oil belongs to China under contracts it struck with Caracas years ago,

The stakes are high. In calendar 2024, which marked the last full year of sales to China, Nvidia's revenue from the country was $17.1 billion -- despite existing export restrictions against the sale of its top-of-the-line chips. Early last year, Nvidia estimated it took an $8 billion revenue hit due to increased U.S. export restrictions.