Brew Markets NVIDIA’s Kickback: Don’t Call It an Export Tax & AutoZone’s Muffled Earnings
Dec 9, 2025
Explore the intriguing implications of President Trump’s decision allowing NVIDIA to ship H200 chips to China, and learn why it's framed as revenue sharing instead of an export tax. Delve into AutoZone's disappointing earnings amidst tariff challenges and hear how luxury builder Toll Brothers is navigating a soft housing market. Plus, get the latest on CVS’s optimistic growth outlook, Campbell’s struggling sales, and Pfizer's exciting developments in obesity treatment.
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Revenue Sharing As A Legal Workaround
- The US is using revenue-share deals with chipmakers to allow limited AI chip exports to China while avoiding the constitutional ban on export taxes.
- Ann Berry highlights the semantics and legal workaround as crucial to understanding this trade-policy move.
H200 Permit Hinges On China Demand
- President Trump approved NVIDIA shipments of H200 chips to approved Chinese customers in exchange for a 25% revenue cut to the US government.
- Ann Berry notes demand uncertainty as China and local firms may limit uptake despite the permit change.
Chinese Alternatives Could Blunt Demand
- China already develops competing AI semiconductors and may restrict access to exported H200 chips.
- Ann Berry flags that domestic Chinese alternatives and local firms reduce certainty of US export gains.