Nvidia’s Trump Tax of Little Worry to Investors Eyeing AI Riches

President Donald Trump’s move to extract a 15% sales tax from Nvidia Corp. on certain semiconductors sold in China did nothing to damp investor enthusiasm for the world’s most valuable company.

A look at balance-sheet math goes a long way to explaining why. In the first quarter, Nvidia said it sold $5.5 billion in products to China, roughly 13% of its total. The chips exposed to the Trump tax accounted for about 80% of that, or just under $5 billion.