Chinese Tech Stocks Jump as Trump and Xi Strike a More Friendly Tone

TLDR

President Trump and President Xi met in Beijing for the first US state visit to China in nine years. Top US CEOs including Elon Musk, Tim Cook, Jensen Huang, and Kelly Ortberg attended the summit. Xi told the business leaders China will open up further to foreign investment and trade. Washington reportedly cleared Nvidia H200 AI chip sales to major Chinese tech firms including Alibaba, Tencent, and ByteDance. Chinese and US stocks gained ground following the summit, though analysts cautioned that a broader rally depends on corporate earnings improving.

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President Donald Trump traveled to Beijing this week for a summit with Chinese President Xi Jinping. It was the first state visit by a sitting US president to China in nine years.

"It's an honor to be with you, it's an honor to be your friend, and the relationship between China and the USA is going to be better than ever before." – President Donald J. Trump pic.twitter.com/WZkoGeVqhv

— The White House (@WhiteHouse) May 14, 2026

The meeting brought together the leaders of the world’s two biggest economies to discuss trade, export controls, and market access. Alongside Trump was a large delegation of top American business leaders.

Executives attending included Elon Musk of Tesla, Tim Cook of Apple, Jensen Huang of Nvidia, and Kelly Ortberg of Boeing. Micron Technology was also part of the delegation, despite having some products banned from Chinese infrastructure after a cybersecurity review.

Xi met with the business representatives at the Great Hall of the People in Beijing. He told them that “China’s door to the outside world will only open wider,” according to state broadcaster CCTV.

Trump asked Xi to open China further to American business as one of his first requests on behalf of the delegation. The executives, for their part, told Xi they “highly value” the Chinese market and want to strengthen their presence there.

AI Chips at the Center of Talks

Nvidia chief Jensen Huang joined the trip as a last-minute addition, drawing attention from investors watching the AI sector closely.

Shortly after Trump and Xi met, Reuters reported that Washington had approved Nvidia H200 AI chip sales to roughly ten major Chinese technology companies. The list reportedly includes Alibaba, Tencent, ByteDance, and JD.com.

Access to Nvidia chips is a key issue for Chinese tech firms, which have been cut off from the most advanced US semiconductors due to export restrictions. Analysts at Barclays said that access to these chips is “very, very critical for the Chinese players to compete on a global stage.”

Goldman Sachs said the meeting was expected to cover tariffs, semiconductor restrictions, and rare earth exports. The bank said it expected China to agree to buy more US agricultural products, energy, and aircraft in return for avoiding further tariff escalation.

Markets React With Caution

Chinese equities moved higher after the summit, though gains were modest. The Hang Seng Index climbed about 0.3% and the Hang Seng Tech Index gained around 0.5% on Thursday.

Alibaba shares rose over 8% on the day. Investors have been paying closer attention to Chinese internet companies after recent earnings from Alibaba and Tencent showed cloud and AI demand growing.

Still, some analysts warned that a sustained rally in Chinese stocks depends on earnings growth improving. “The problem with the Chinese equity market… the problem is still earnings,” said Dong Chen, chief investment officer at Bank J Safra Sarasin.

Goldman Sachs said the summit could act as a “tactical catalyst” for Chinese equities and the yuan, without expecting a sweeping deal to emerge.

Trump is also seeking a historic Boeing jet order from China as part of the business deals being pursued during the visit.

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