In a stark warning to Washington policymakers, Nvidia CEO Jensen Huang revealed that U.S. technology export bans may be triggering unintended consequences, declaring that China already has “all the chips they need” while state-backed rival Huawei is actively “flourishing in our absence.”

“Critics would say that selling advanced chips to China helps China close the gap and perhaps beat the U.S. in AI,” FOX Business host Maria Bartiromo told Huang, “and yet the other angle is the fact that if we block all sales, then China does it anyway, simply accelerating the growth coming out of companies like Huawei.”

“You’ve summarized it really well… The president would like us to win in every aspect,” Huang responded. “The United States has to be absolutely certain and determined to lead the world in every aspect, every layer of that five-layer cake, from energy, of course, from chips.”

“China obviously has all the chips they need. That’s the reason why they don’t need ours. And Huawei has done a very good job there, obviously, one of the largest companies in the world. They had a record year. They’re flourishing in our absence. And they’re now exporting their technology out to the rest of the world, competing with American companies around the world,” he continued.

TRUMP’S TAIWAN ‘NEGOTIATING CHIP’ REMARK SPARKS ALARM OVER HOW FAR HE’D SHIFT U.S.-CHINA POLICY

“And so I think that their ability to secure technology for their national security reasons, I think they have more than ample… for their own needs.”

Nvidia founder and CEO, Jensen Huang, speaks during the 29th annual Milken Institute Global Conference on May 4, 2026.  (Getty Images)

The tech pioneer’s admission exposes a critical national security dilemma: instead of crippling Beijing’s capabilities, aggressive decoupling has forced the communist regime into tech self-sufficiency, turning domestic competitors into a global threat to American industry.

Huang’s comments come on the heels of his recent trip with the president to Beijing, and the U.S. government officially approving licenses for Nvidia’s advanced H200 chips for select Chinese clients.

“[President Trump’s] been very clear that he would like American companies to win around the world. Winning around the world allows us to, one, export, generate revenues for the country, bring back tax dollars for the country, create jobs in America,” Huang said. “It allows us also to diffuse and spread the American technology stack around the world, so that the rest of the world can be built on top of American technology and standards.”

The CEO also highlighted Nvidia’s critical role in American defense infrastructure, specifically confirming that U.S. military intelligence and radar run on its systems.

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“We do a lot of work in imaging, and most of the world’s radar systems and imaging systems has Nvidia chips in it. And, and we’re just incredibly honored,” Huang said. “The Department of War has access to Nvidia’s technology, and our technology is completely open-source so that it could be modified and enhanced for the applications of our military.”

“We’re a very large technology company, and we’re [an] American technology company. We want America’s technology industry to be a national treasure of the United States,” he added. “And manufacturing is a core part of our national security. And we play a very central role in doing that.”

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NEW YORK — Quantum computing stocks rose sharply on Thursday, May 21, 2026, after the Trump administration announced $2 billion in grants to nine companies in the sector, with the U.S. government set to take equity stakes in return.

The U.S. Department of Commerce is awarding the funding, drawn from the 2022 CHIPS and Science Act. IBM will receive $1 billion, while GlobalFoundries is set to receive $375 million.

Other recipients include D-Wave Quantum, Rigetti Computing and Infleqtion, each expected to receive about $100 million. Additional companies such as Atom Computing, PsiQuantum, Quantinuum and Diraq are also part of the package, with Diraq receiving around $38 million.

The deals include the U.S. government acquiring minority equity stakes in the companies. Commerce Secretary Howard Lutnick described the initiative as a push for a new era of American innovation amid competition with China.

Shares of companies involved rose significantly in premarket and early trading. Infleqtion jumped as much as 24%, while other quantum stocks posted gains between 7% and 25%. IBM and GlobalFoundries also advanced.

The announcement builds on discussions that began in October 2025, when the White House first indicated it might take equity stakes in quantum computing firms. The funding aims to strengthen U.S. leadership in the technology, which holds potential for advances in drug discovery, cryptography, materials science and artificial intelligence.

Quantum computing uses principles of quantum mechanics to perform calculations far beyond the capabilities of traditional computers. The sector has attracted growing investor interest as companies work toward practical, error-corrected systems.

The Trump administration’s move represents one of the largest direct federal investments in the quantum sector to date. Officials view quantum technology as strategically important for national security and economic competitiveness.

IBM, a leader in the field with its Quantum System Two, has been expanding its quantum hardware and cloud services. The company has partnerships with universities and corporations for research and development.

GlobalFoundries, a major semiconductor manufacturer, plays a key role in producing chips that support quantum systems. Other recipients like Rigetti Computing and D-Wave Quantum focus on different technical approaches, including superconducting and annealing systems.

The equity component of the deals allows the government to share in potential upside from commercial success. This structure differs from traditional grants and reflects a more active industrial policy approach.

Analysts have noted increased government support for critical technologies under the current administration. The funding complements earlier initiatives under the CHIPS Act aimed at bolstering domestic semiconductor and advanced technology manufacturing.

Quantum stocks have shown volatility in recent years but gained momentum in 2025 and 2026 amid technological milestones and growing commercial interest. Companies in the sector continue to face technical challenges, including error rates and scalability.

The Department of Commerce did not immediately release the full list of recipients or exact terms beyond the major allocations. Further details are expected in coming days.

Broader market reaction extended to related stocks in semiconductors and technology infrastructure. The announcement comes as global competition in quantum computing intensifies, particularly with China’s own heavy investments in the field.

Industry groups have welcomed the funding as a boost for U.S. innovation. The sector employs researchers, engineers and technicians across multiple states, with clusters in California, New York, Maryland and Colorado.

No official comment was immediately available from all recipient companies beyond initial statements confirming the agreements. IBM and GlobalFoundries acknowledged the funding in separate releases.

The grants are part of a larger strategy to maintain technological superiority in emerging fields. Quantum computing is seen as a foundational technology for the next decade, with applications in optimization, simulation and secure communications.

Trading volume in quantum-related stocks increased significantly following the news. Market participants will monitor how the equity stakes and funding translate into accelerated development timelines.

The development underscores growing bipartisan interest in securing supply chains and technological edges in strategic areas. Previous administrations also supported quantum research through various federal programs.

Further updates on project milestones and commercialization efforts are anticipated as companies deploy the new capital. The sector continues to attract private investment alongside government support.

NEW YORK — Elevra Lithium Limited (NASDAQ: ELVR, ASX: ELV) shares rose 8.95% to $12.18 in midday trading Thursday, May 21, 2026, extending recent gains as the company advances its North American lithium strategy following asset sales and new funding initiatives.

The dual-listed lithium producer and developer, formerly known as Sayona Mining, has refocused operations on North America. It operates North American Lithium (NAL), Canada’s largest producing lithium mine, in joint venture with Piedmont Lithium.

Elevra announced on May 12, 2026, the purchase of Moblan offtake rights and released an updated scoping study for NAL expansion that projects faster growth and lower costs. The company also agreed to sell its interest in the Ewoyaa Lithium Project in Ghana to China’s Zhejiang Huayou Cobalt Co.

On May 13, Elevra raised A$275 million through a placement and convertible notes to fund North American expansion and Moblan work. The company launched a share purchase plan open as of May 18.

The March 2026 quarterly report, released in April, highlighted improved operational performance at NAL and positive cash flow generation. Record revenue figures were reported in prior quarters, with the company delivering strong spodumene production increases.

Elevra’s FY26 half-year results released in February showed revenue of $86 million, up 8% from the prior period. The company generated positive underlying EBITDA of $1 million compared with a prior loss, and operating cash flow of $5 million. Cash balance stood at $81 million at the end of December 2025.

Unit operating costs declined 6% to $814 per dry metric ton. Net profit after tax reached $74 million. Production guidance for FY26 was revised to 180,000-190,000 tons of spodumene concentrate amid operational challenges.

The company’s strategic shift includes divesting non-core African assets to concentrate resources on North American operations. The NAL expansion scoping study outlines accelerated development timelines and cost efficiencies.

Elevra signed a potential spodumene offtake MOU with a North American lithium producer. It continues to pursue partnerships and offtake agreements to secure revenue streams.

Market capitalization stands near $1.39 billion based on recent trading. The stock has shown volatility typical of the lithium sector, influenced by global EV demand, commodity prices and project developments.

Analysts have issued varied ratings. Macquarie downgraded the stock to Hold in mid-May. Other coverage highlights valuation metrics following recent share price movements.

The lithium market faces headwinds from price fluctuations but benefits from long-term demand tied to electric vehicles and energy storage. Elevra positions itself as a key North American supplier amid efforts to reduce reliance on overseas sources.

Headquartered in Brisbane, Australia, Elevra maintains dual listings to access international capital. The name change from Sayona Mining to Elevra Lithium became effective in September 2025.

Recent announcements include changes in substantial holdings and notifications regarding unquoted securities filed on May 18 and 20. The company hosts investor webcasts following quarterly reports.

Production at NAL achieved record quarterly spodumene output in prior periods, with improvements in recovery rates. The operation continues ramp-up efforts under joint-venture management.

Elevra’s capital management includes the recent A$275 million raise, comprising placements, convertible notes and a securities purchase plan. Proceeds target NAL expansion and Moblan project advancement.

The Moblan project in Quebec represents another key asset in the company’s Canadian portfolio. Acquisition of offtake rights strengthens commercial positioning.

Investors monitor lithium price trends, EV adoption rates and government policies supporting critical minerals. Canada Growth Fund has invested in related North American lithium projects.

Elevra reports quarterly activities under ASX and NASDAQ requirements. The March 2026 report advisory preceded detailed operational updates.

Trading volume on May 21 exceeded recent averages amid the price surge. The stock trades within its 52-week range, reflecting sector dynamics and company-specific news flow.

The company emphasizes sustainable practices and community engagement at its operating sites. Expansion plans incorporate environmental considerations aligned with North American regulatory standards.

Broader industry context includes consolidation and strategic realignments among lithium developers. Elevra’s North American focus aligns with supply chain security priorities in the United States and Canada.

No dividends have been declared in recent periods as the company prioritizes growth and debt management. Future capital returns will depend on operational cash flows and market conditions.

Analyst models project revenue growth tied to production ramps and offtake agreements. Valuation discussions center on enterprise value relative to projected output and lithium pricing scenarios.

Elevra continues stakeholder communications through ASX releases, investor presentations and webcasts. The share purchase plan provides existing shareholders participation opportunities in the recent capital raise.

The stock’s performance on May 21 reflects positive sentiment around funding secured for core projects and strategic divestments. Market participants await further updates on expansion timelines and production achievements.

Rachel Reeves has rolled out a package of consumer-facing tax cuts in a bid to put more cash in family pockets and breathe life back into Britain’s battered high streets, with the centrepiece a temporary VAT reduction on summer attractions designed to keep tills ringing through the holidays.

In a statement that drew rare applause from the hospitality lobby, the Chancellor confirmed that VAT on a swathe of family activities will fall from 20 per cent to 5 per cent under a new “Great British Summer Saving Scheme”. The reduced rate will apply to fairs, zoos, museums, cinemas and children’s meals in restaurants, running from the start of the Scottish school holidays on 25 July through to early September.

Reeves also ruled out the long-trailed rise in fuel duty, suspended tariffs on more than 100 supermarket food lines and lifted the tax-free mileage allowance by 10p per mile, backdated to April 2026. Free local bus travel for children aged five to 15 will operate throughout August in England, in what the Treasury framed as a co-ordinated push to ease pressure on households during the school break. Full eligibility criteria for the scheme have been published by the Treasury.

The measures land at a critical moment for the country’s small-business community, particularly the hospitality and leisure operators who have spent the past three years absorbing rising wage bills, energy costs and business rates. As Business Matters has reported, trade bodies have warned of a “tidal wave” of closures unless ministers act, with three pubs and restaurants shutting their doors every day so far this year.

A lifeline for the high street

Michelle Ovens CBE, chief executive and founder of Small Business Britain, welcomed the move as a timely intervention before the all-important summer trading quarter. “It’s encouraging to see the Chancellor’s commitment to a summer of savings with the VAT cut on children’s meals,” she said. “Providing an important boost for small businesses during the summer period, helping to drive footfall and ease pressure on margins at a crucial time of year. As many businesses prepare to enter the most important trading quarter of the year, measures that support both families and local high streets are incredibly welcome.”

Ovens added that the package was “essential in combating the ongoing cost-of-living crisis, particularly during the summer holidays when financial pressures and childcare commitments can intensify without the support schools often provide”.

The Federation of Small Businesses (FSB) echoed the sentiment but with sharper edges. Tina McKenzie, the FSB’s policy chair, said the timing could not be more urgent for an industry running on fumes. “Anything that helps get families out spending this summer is good news for the restaurants, pubs, soft plays and attractions that have spent years fighting rising costs and shrinking margins,” she said. “With 44 per cent of small hospitality firms based on or near the high street, a VAT cut should help put bums on seats and bring life into our town centres this summer.”

McKenzie pointed to a domestic tourism uplift as cash-strapped families switch out of foreign holidays. “Families will make extra purchases, such as drinks and merchandise, which is likely to be the biggest help to small businesses’ bottom lines,” she added.

Confidence in critical condition

The numbers behind the announcement make uncomfortable reading. According to the FSB, 94 per cent of small hospitality firms saw their costs rise in the last three months, with tax cited as one of the biggest drivers by 61 per cent of operators. A further 35 per cent expect to contract over the coming year, a figure that helps explain why this temporary VAT cut, while welcome, is unlikely to satisfy a sector that has long campaigned for a permanent reduction.

Kate Nicholls, chair of UKHospitality, which has lobbied for years for a lower headline rate, said it was “good to see the Government recognise the importance of a lower VAT rate for hospitality as the quickest and simplest way to lower prices and boost consumer confidence”. The trade body has consistently argued that aligning the UK’s rate with European competitors would stimulate jobs and investment well beyond the summer window.

For now, however, ministers have stopped short of that wider reset. The Treasury has costed the scheme at roughly £300 million, a modest sum against the backdrop of the wider Budget arithmetic, but enough, the Chancellor hopes, to keep the lights on in pubs, cafés and family attractions through what one operator described to Business Matters as “make-or-break months”.

The fuel duty freeze and 10p mileage uplift, meanwhile, address a separate but related pressure point. Rising pump prices have been squeezing tradespeople, hauliers and rural firms with no realistic alternative to the van or the car, an issue previously highlighted as a slow-burning crisis for the SME economy.

A summer test

Whether the package delivers will depend on whether smaller operators can pass the VAT saving through to customers quickly and visibly, and whether families respond. “A strong summer could be the difference between staying afloat and shutting up shop for some businesses,” McKenzie warned.

For the Chancellor, the political calculation is straightforward: a summer of cheaper days out, full coach parks and busy seaside arcades is a far easier sell on the doorstep than another quarter of grim closure headlines. For Britain’s small businesses, it is a chance, perhaps the last one this year, to turn footfall into cash flow.

As McKenzie put it, in a line that doubles as a plea: “As people plan summer days out, we’d urge them to back the small local pubs, cafés, attractions and hospitality venues that make our communities special.”

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.