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Nvidia CEO Jensen Huang was not included in President Donald Trump’s delegation to China this week, even as several prominent US business leaders joined the trip to meet Chinese President Xi Jinping.
Huang was left off the delegation list, while executives from companies including Apple, Tesla, BlackRock and Boeing joined the visit to Beijing.
The White House stated that the visit focused on agriculture and commercial aviation, rather than semiconductors.
Yet Nvidia still rose nearly 2% on Monday, which tells investors something important: the market is not treating this as a fresh blow.
Huang had said on May 8 that, “If invited, it would be a privilege — it would be a great honor to represent the United States and to go to China with President Trump.”
From 95% to zero
The reason the snub has not affected Nvidia stock more significantly is that the China issue was already largely resolved before Trump’s trip.
Huang said in 2025 that Nvidia’s China market share had fallen from 95% to 50% from the start of the Biden administration, and he later described the advanced AI chip market share in China as zero.
Nvidia’s latest annual report is even blunter: the company says it was “effectively foreclosed” from competing in China’s data center computing market, and that the closure helped rivals build larger ecosystems.
In other words, there was little left for Huang to negotiate on this trip, even if he had been invited.
Huawei fills the gap
The more serious issue for Nvidia investors is what replaces it in China.
Huawei expects AI chip revenue to jump at least 60% this year to about $12 billion, with the latest Ascend 950PR taking the majority of orders and entering mass production this spring.
Large Chinese tech firms were scrambling to secure Huawei chips after recent AI software developments.
That is the structural caution for Nvidia holders as the Chinese market is not coming back in a meaningful way in 2026, and the local ecosystem is moving on without Nvidia.
Huawei’s rise matters less because it changes one quarter and more because it gives China a domestic substitute to keep building around.
Nvidia stock: Why Wall Street isn’t worried
Wall Street still looks focused on Nvidia’s core business, not Beijing optics.
One consensus feed shows 57 analysts rating Nvidia Strong Buy with an average price target of $269.17, while another shows a $275.25 average target.
Goldman Sachs expects Nvidia to post a roughly $2 billion revenue beat in fiscal Q1 2027, but warned that “the bar for stock outperformance is high heading into earnings.”
Patrick Moorhead of Moor Insights & Strategy has been even more direct on China-driven sell-offs, calling them “irrational” and an “emotional overreaction,” while noting that Nvidia has already zeroed out China in its forecasts.
For NVDA investors, the real near-term catalyst comes on May 20, when Nvidia reports fiscal first-quarter 2027 results, and investors get a fresh read on Blackwell demand from US hyperscalers.
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