President Donald Trump’s latest comments on semiconductor exports sounded almost conciliatory — until they weren’t. Speaking recently on “60 Minutes,” the president said he would let Nvidia “deal with China” but drew a bright red line: Beijing could buy chips, just not the “most advanced” ones. The message was calibrated for maximum effect: permissive enough to please markets, hawkish enough to claim toughness. Nvidia’s stock jumped immediately — but China did not get what it wanted.

Days later, in a Financial Times interview, Nvidia’s CEO, Jensen Huang, warned that if the U.S. blocked his company from selling more of its advanced chips to China, it would “lose” the AI race. The argument was astonishing in its candor: Cut us off, Beijing wins.

As grateful as America should be for bre

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