2025-12-09 11:59

Nvidia shares rise 2% in after-hours trading after Trump's announcement US has concerns over AI chips aiding China's military Trump says same approach will apply to AMD, Intel WASHINGTON, Dec 8 (Reuters) - The United States will allow Nvidia's (NVDA.O) , opens new tab H200 processors, its second-best artificial intelligence chips, to be exported to China and collect a 25% fee on such sales, U.S. President Donald Trump said on Monday. The decision appears to settle a U.S. debate about whether Nvidia and rivals should maintain their global lead in AI chips by selling to China or withhold the exports, though Beijing has told companies not to use U.S. technology, leaving it unclear whether Trump's decision would lead to new sales. Sign up here. Nvidia (NVDA.O) , opens new tab shares rose 2% in after-hours trading after Trump made the announcement on Truth Social, following a 3% rise during the day on a report by Semafor. Trump said in his post that he had informed President Xi Jinping of China, where Nvidia's chips are under government scrutiny, about the move and that he "responded positively." He said the U.S. Commerce Department was finalizing details of the arrangement and the same approach would apply to other AI chip firms such as Advanced Micro Devices (AMD.O) , opens new tab and Intel (INTC.O) , opens new tab. Trump's post said the fee to be paid to the U.S. government was "$25%", and a White House official confirmed he meant 25%, higher than the 15% proposed in August. "We will protect National Security, create American Jobs, and keep America’s lead in AI," Trump wrote on Truth Social. "NVIDIA’s U.S. Customers are already moving forward with their incredible, highly advanced Blackwell chips, and soon, Rubin, neither of which are part of this deal." Trump did not say how many H200 chips would be authorized for shipment or what conditions might apply, only that exports would occur "under conditions that allow for continued strong National Security." Administration officials consider the move a compromise between sending Nvidia's latest Blackwell chips to China, which Trump has declined to allow, and sending China no U.S. chips at all, which officials believe would bolster Huawei's efforts to sell AI chips in China, a person familiar with the matter said. "Offering H200 to approved commercial customers, vetted by the Department of Commerce, strikes a thoughtful balance that is great for America," Nvidia said in a statement. Intel declined to comment. The U.S. Commerce Department, which oversees export controls, and AMD did not respond to requests for comment. A White House official said that the 25% fee would be collected as an import tax from Taiwan, where the chips are made, to the United States, where the chips will undergo a security review by U.S. officials before being exported to China. Asked about the approval on Tuesday, the Chinese foreign ministry said that China believes it should cooperate with the U.S. to achieve mutual benefits. FEARS OF CHIPS STRENGTHENING CHINA'S MILITARY China hawks in Washington are concerned that selling more advanced AI chips to China could help Beijing supercharge its military, fears that had first prompted limits on such exports by the Biden administration. The Trump administration had been considering greenlighting the sale, sources told Reuters last month. Trump said last week he met with Nvidia CEO Jensen Huang and that the executive was aware of where he stood on export controls. "It’s a terrible mistake to trade off national security for advantages in trade," said Eric Hirschhorn, who was a senior Commerce Department official during the Obama administration. "It cuts against the consistent policies of Democratic and Republican administrations alike not to assist China’s military modernization." According to a report released on Sunday by the non-partisan think tank, the Institute for Progress (IFP), the H200 would be almost six times as powerful as the H20, the most advanced AI semiconductor that can legally be exported to China, after the Trump administration reversed its short-lived ban on such sales this year. The Blackwell chip now in use by U.S. AI firms is about 1.5 times faster than H200 chips for training AI systems, the IFP said, and five times faster for inferencing work where AI models are put to use. Nvidia's own research has suggested Blackwell chips are 10 times faster than H200 chips for some tasks. Several Democratic U.S. senators in a statement described Trump's decision as a "colossal economic and national security failure" that would be a boon to China's industry and military. Republican Representative John Moolenaar, who chairs the House China Select Committee, said in a statement to Reuters that China would use the chips to strengthen its military capabilities and surveillance. "Nvidia should be under no illusions - China will rip off its technology, mass-produce it themselves and seek to end Nvidia as a competitor," he said. In recent months, Beijing has cautioned Chinese tech companies against buying chips that Nvidia downgraded to sell to the Chinese market, which are the H20, RTX 6000D and L20, two sources said. George Chen, partner at consultancy The Asia Group, said he expected Chinese regulators to soften their hardline approach to Nvidia following Trump's comments on Xi's reaction, given efforts to improve U.S.-China relations. The H200 was also far more useful to China than the H20, he said. "I expect state media to gradually change their narrative and be more welcoming to Nvidia," he said. Bo Zhengyuan, political analyst at consultancy firm Plenum, said he also believed that Beijing would be more cautious about intervening. "But on a longer horizon, we don’t know how long this window can last. China will not be disturbed by this easing, and it will remain ultra-focused on gaining advanced chip-making capability of its own," he said. China's domestic AI chip companies now include tech giant Huawei Technologies as well as smaller players such as Cambricon (688256.SS) , opens new tab and Moore Threads (688795.SS) , opens new tab. https://www.reuters.com/world/china/us-open-up-exports-nvidia-h200-chips-china-semafor-reports-2025-12-08/

2025-12-09 11:57

New plan boosts earnings target for 2024-2030 by $5 billion Exxon Mobil shares up 3% in morning trade CFO Kathy Mikells to retire in February, succeeded by Neil Hansen HOUSTON, Dec 9 (Reuters) - Exxon Mobil (XOM.N) , opens new tab is targeting $25 billion in earnings growth from 2024 to 2030 and will increase oil and gas production, the top U.S. oil producer said on Tuesday as it leans on profitable assets in Guyana and the Permian Basin. Exxon also announced that Chief Financial Officer Kathy Mikells will retire effective Feb. 1 due to a non-life-threatening health issue and will be succeeded by Neil Hansen, currently president of global business solutions. Sign up here. The outlook represents a $5 billion increase from its previous plan, although Exxon will not increase its annual project spending from prior guidance. Shares of Exxon were up 3% in morning trading. Exxon said its updated corporate plan reflects its work to cut costs and increase profits even through periods of oil price volatility. Its upstream focus also includes growing its liquefied natural gas business. "We are more profitable than we were five years ago, and we expect that to continue as the advantages we’ve unlocked position us for even greater opportunities in the years ahead," Exxon CEO Darren Woods said in prepared remarks. LOW-COST PERMIAN OIL WILL BOOST PROFITS Upstream production will reach 5.5 million barrels of oil equivalent per day by 2030, up from a previous forecast of 5.4 million boepd. That will be helped by the Permian Basin, the top U.S. oilfield, where Exxon said it will grow production to 2.5 million boepd, up from the previous goal of 2.3 million boepd. Earnings from the upstream business is expected to grow by more than $14 billion through the end of the decade from 2024. Artificial intelligence is being used to direct drilling paths and Exxon said AI is allowing it to save money across operations. Cost of supply in the Permian is expected to be around $30 per barrel, Exxon said, down $5 from its previous expectation. Capital expenditure will be between $27 billion to $29 billion next year, and $28 billion to $32 billion from 2027 through 2030 as LNG projects develop further. Exxon said it also targets $35 billion in cash flow growth by 2030 versus 2024, representing a $5 billion increase from its earlier outlook. Exxon increased its cost savings plan by $2 billion and now expects to reach $20 billion in reductions by 2030. https://www.reuters.com/business/energy/exxon-forecasts-higher-earnings-growth-through-2030-2025-12-09/

2025-12-09 11:51

BUDAPEST, Dec 9 (Reuters) - The company operating the TurkStream gas pipeline will be able to conduct business without any problems after its move to Hungary, thanks to an agreement with Washington, Hungary's Foreign Minister Peter Szijjarto said on Tuesday. Hungary has continued to rely on Russian energy despite the ongoing conflict in Ukraine and related Western sanctions, prompting criticism from several European Union and NATO allies. Sign up here. "With the operating company's relocation from the Netherlands to Hungary, the TurkStream pipeline will be able to operate without disruption in the coming period despite any legal and financial attacks," Szijjarto said in Moscow during a briefing broadcast on his Facebook page. The agreement ensures that financial transactions related to the operation of Turkstream are not under U.S. sanctions, he said. Last month, the United States granted Hungary a one-year exemption from U.S. sanctions for using Russian oil and gas after Orban pressed his case for a reprieve during a meeting with President Donald Trump in Washington. Hungarian Prime Minister Viktor Orban met Russian President Vladimir Putin in Moscow last month, saying the visit was "to ensure Hungary’s energy supply is secured for the winter and next year." https://www.reuters.com/business/energy/transactions-related-turkstream-not-under-us-sanctions-hungary-says-2025-12-09/

2025-12-09 11:51

COPENHAGEN, Dec 9 (Reuters) - Greenland has issued a 30-year exploitation licence to London-listed GreenRoc Mining Plc (GROC.L) , opens new tab for the Amitsoq graphite deposit, marking the third such permit granted by the Arctic island's government this year amid heightened global demand for critical minerals. Greenland, rich in natural resources, has been slow to develop its mining sector due to regulatory hurdles and limited financing. However, activity has increased this year, following U.S. interest in Greenland under the Trump administration. Sign up here. The project, backed by the European Raw Materials Alliance, aims to produce graphite, a mineral deemed critical for the energy transition and widely used in batteries for electric vehicles and defence technologies. The Amitsoq mine, located in southern Greenland, was last in production in 1922 and holds one of the world's highest-grade graphite deposits and is expected to produce approximately 80,000 tonnes of graphite concentrate annually, extracted from 400,000 tonnes of ore. Mining operations are set to tap flake graphite with high crystallinity, suitable for lithium-ion battery anodes. "(The) exploitation licence is the result of focused political efforts to make Greenland more attractive for responsible investments, while seriously taking into account the concerns for people and the environment," Mineral Resources Minister Naaja Nathanielsen said in a statement. In June, the European Union granted GreenRoc's Amitsoq project Strategic Project status under its Critical Raw Materials Act. Both NATO and the EU have designated graphite as a critical raw material, particularly as China, which dominates the graphite supply chain, tightened export controls on the mineral last month. "Graphite is an important raw material for the energy transition, and Europe lacks secure access to it," GreenRoc CEO Stefan Bernstein said. The permit was signed on Monday. https://www.reuters.com/business/energy/greenland-approves-30-year-mining-permit-eu-backed-graphite-project-2025-12-09/

2025-12-09 11:45

WASHINGTON, Dec 9 (Reuters) - U.S. President Donald Trump said support for immediately cutting interest rates would be a requirement for anyone he chose to lead the Federal Reserve, according to a Politico interview published on Tuesday. Asked if it was a litmus test that the new central bank chair immediately lower interest rates, Trump told the news outlet "yes". Sign up here. https://www.reuters.com/world/us/trump-says-support-interest-rate-cuts-is-key-test-fed-chair-nominee-2025-12-09/

2025-12-09 11:42

Copper mine is key to Teck merger with Anglo American Chilean regulator raised concern over structural issues Teck says there was never any risk to safety SANTIAGO, Dec 9 (Reuters) - Chilean authorities in August raised concerns over a large crack and leaks at Teck's flagship Quebrada Blanca copper mine and criticized the miner for not immediately reporting the issues, according to documents reviewed by Reuters. The crack and leaks were alarming enough to lead some workers to ask mining regulator Sernageomin to investigate potential safety risks, according to five complaints between July 28 and August 8. Sign up here. The mine has had problems since 2024 at its tailings dam - an embankment that stores mine waste - causing Teck to cut production guidance at Quebrada Blanca. In response to questions from Reuters, Teck said the tailings dam is stable and safe, and construction is proceeding. "There was never any risk to the safety or integrity of the facility or to employees," Teck added. The documents, obtained from Sernageomin through a public records request, also show that Teck responded to the regulator that it had fixed the issues and informed workers they were not at risk. Workers' concerns initially related to leaking in late July. On July 28, a worker wrote to Sernageomin that there were leaks on the dam wall. Sernageomin's inspection on August 1 was in part triggered by that complaint, as well as another complaint over lack of proper personal protective gear, the agency said in a report of its findings. The worker complaints continued in the following days - including, starting August 3, concerns about a large fissure along the top of the wall. "There is a serious problem with the tailings dam wall and the information from the company is not very clear," said one complaint. Another person wrote to Sernageomin: "Teck personnel ignore everything that's happening and just don't want to stop producing ... I beg you to go to the workplace." Sernageomin inspections on August 1 and 2 identified a crack running 240 meters (790 ft) horizontally across the top, or crest, of the main dam wall, leaving an 18-centimeter gap. It also found pools of water at the base of the wall, and rebuked Teck for not swiftly reporting the issues. "The company must immediately or promptly notify the service of any incidents," it said in its inspection report, signed by both Sernageomin and Teck representatives. In a follow-up report dated August 5, Sernageomin said: "This service is concerned about what was observed in the field regarding operational findings on the deposit wall, specifically the water seepage and cracks on the crest." Since early August, Teck has sent weekly monitoring reports to Sernageomin, according to the documents reviewed by Reuters. In its reports, letters and presentations to Sernageomin, as well as minutes of weekly meetings with regulator representatives, Teck said it had held drills for structural collapse scenarios and was preparing an analysis of the root causes of the crack and leaks. Teck told Reuters the cracks that appeared in late July were not unusual for this type of dam construction and were quickly repaired. Around that time, it also resolved a pipeline leak that it said had "resulted in water discharge." "Work is continuing as planned on the facility to enable full ramp-up of QB," Teck said. Analysts view the issues at Quebrada Blanca as a key part of what prompted Teck to seek a merger with rival Anglo American (AAL.L) , opens new tab, which will allow for shared operations with the neighboring Collahuasi mine. Anglo American has said it supports Teck's strategy for Quebrada Blanca and has experience from similar tailings dam problems in the past at its Quellaveco mine in Peru. Teck shareholders are expected to vote on the deal on Tuesday. Failure to get output on track in the next couple of years could weigh on the merged company's valuation, analysts say. Teck has not discussed the Sernageomin inspection, or the crack and leaks, in its financial disclosures. It has, however, addressed why certain core problems at the tailings dam forced the miner to slash Quebrada Blanca's production targets and commit to spending $420 million next year on improvements. Safety standards for tailings have come under increased scrutiny worldwide after the 2019 collapse of the Brumadinho tailings dam in Brazil that killed 270 people. Tailings experts consulted by Reuters said cracks and leaks can be red flags for dam stability, requiring consistent monitoring and identification of the root cause. "They are like symptoms at the doctor's office. They may indicate some underlying, major sickness or disease if not addressed," said Rennie Kaunda, a mining engineering professor at the Colorado School of Mines. https://www.reuters.com/world/americas/chilean-regulator-workers-flagged-risk-tecks-quebrada-blanca-dam-2025-12-09/