China Snaps Up Musk, Cook, Huang in Beijing as Trump Begs for AI Chips

China Snaps Up Musk, Cook, Huang in Beijing as Trump Begs for AI Chips

US President Donald Trump’s high-profile visit to Beijing this week came with a full delegation of top American CEOs, including Elon Musk, Tim Cook, and Jensen Huang [149680]. While Trump and Chinese leader Xi Jinping held talks, the summit underscored a deepening split: China is pushing hard to cut its reliance on U.S. technology, and American business leaders are lining up to stay inside China’s booming market [149680][149727].

The stakes are clear from recent developments. China has announced a five-year plan to produce advanced AI chips as small as 3 nanometers, a direct effort to break U.S. export controls that experts call a strategic “chokehold” [51155]. The plan, led by the tech hub of Zhejiang, targets both the chips and the equipment needed to make them [51155]. Meanwhile, China’s rare-earth export controls are forcing global supply chains to rethink their dependence on Beijing: the country produces over 60% of the world’s rare earths and refines nearly 90% of them [149989].

Beijing also just gave itself new powers to block companies from moving factories out of China, adding to the tangle of rules that global firms must navigate [147949]. And a Ford EV battery plant in Michigan, nearing completion at a cost of $3 billion, highlights how even U.S. automakers rely on Chinese technology—Ford’s deal with battery maker CATL is a prime example [149087].

Analysts say Trump and Xi’s talks will shape the direction of the AI arms race and trade rules between the two superpowers [149562]. But across Asia, governments and markets are already watching closely, with many expecting the region to move on without waiting for a U.S.-China deal [149147][150555]. The old order is giving way to a new struggle where both countries use laws, courts, and export controls to gain an edge [149652].