Jensen Huang praises Trump while Nvidia shares risks in SEC filings

In early April 2025, at a significant artificial intelligence summit in Washington, Jensen Huang, CEO of Nvidia, lauded President Trump, claiming that America’s unique advantage is Trump himself. This praise stands in stark contrast to Nvidia’s SEC filings, which noted multiple risks associated with Trump's tariffs and their potential negative impact on Nvidia’s revenues. In particular, the April filing highlighted tariffs as a significant risk factor, mentioning them seven times, while the previous filing had only noted them three times without emphasizing their drastic implications. Amid the ongoing global trade tensions initiated by Trump’s aggressive trade policies, Ford's CEO Jim Farley similarly spoke optimistically about tariffs on Fox News, only for Ford to later disclose a substantial $1.5 billion loss linked to those very tariffs. Meanwhile, Nvidia revealed a $5.5 billion hit related to export restrictions on its H20 AI chips aimed at the Chinese market. These developments demonstrate the volatile environment in which major tech firms like Nvidia are operating. The pressures from Trump's administration seem to compel business leaders to publicly support him despite their companies facing serious challenges due to his policies. David Rubenstein, co-chairman of Carlyle, stated that the aggressive stance from Trump makes executives hesitant to openly criticize his economic strategies. Consequently, many companies are focusing on promoting their 'Made in America' credentials in their communications to shareholders. Additionally, Trump had toyed with the idea of breaking up Nvidia, a notion he compared to Bernie Sanders' views on monopoly power. The economic landscape for tech giants like Nvidia relies heavily on Trump's policies, which can change rapidly. Huang's charm offensive and mixed messaging indicate the delicate balance he must maintain to avoid confrontation with the administration while attempting to secure Nvidia's interests in global markets. Business results intertwine with political maneuvering, and for many firms, the path forward involves navigating this complex landscape without provoking the President’s ire.