Nvidia struck a surprising deal after convincing the president that H20 chips aren’t a national security risk. But whether the reversal is good or bad depends on who you ask.

The stakes are high for Nvidia as it looks to restart China chip sales in the face of fast-evolving geopolitical tensions.

Beijing has urged local companies to avoid using Nvidia Corp.’s H20 processors, particularly for government-related purposes, complicating the chipmaker’s return to China after the Trump administration reversed an effective US ban on such sales.