An analysis by the anti-corruption group DeKleptocracy, reported by The Guardian, indicates that former US President Donald Trump acquired significant Nvidia shares shortly before his administration implemented policy changes favorable to the chip manufacturer's sales to China.
According to public financial disclosures, Trump purchased between $1 million and $5 million worth of Nvidia shares in May 2025. This transaction occurred just one day before his administration revoked the AI Diffusion Framework, a rule previously limiting Nvidia's ability to sell advanced chips to China due to national security concerns. Following this policy reversal, Nvidia's share price reportedly increased, paving the way for expanded sales in a market that had historically represented a quarter of its revenue.
Further Transactions and Broader Investments
The DeKleptocracy analysis also highlighted another substantial transaction on December 9, 2025, where Trump acquired between $5 million and $25 million in Nvidia shares. This purchase coincided with a separate administration policy shift that approved shipments of H200 chips to China.
Beyond Nvidia, Trump's financial disclosures for 2025 revealed a pattern of extensive investment in the technology sector. He reported 53 Nvidia investments and approximately 2,100 trades across 68 AI-related companies throughout the year, alongside purchases in other major tech firms like Apple, Meta, and Microsoft.
Calls for Oversight and White House Response
While financial disclosure filings confirm the timing and reported value ranges of these stock trades, they do not establish a direct link between the president's personal holdings and his administration's policy decisions. Nonetheless, the report has prompted strong reactions on Capitol Hill, with Democratic lawmakers initiating steps toward a formal inquiry into potential conflicts of interest surrounding the timing of these transactions.
Advisers to the former president have stated that the stock purchases were executed through automated investment portfolios, suggesting a lack of direct involvement in specific trade timings. This scrutiny comes amidst heightened attention to the relationship between the White House and Nvidia leadership, including the recent resignation of former Nvidia CEO Jensen Huang, described as a close Trump ally, amid a separate controversy. Nvidia also contributed $25 million toward a White House ballroom project in October 2025.