Trump Eyes Chip Export Revenue Cut

Good morning. Nvidia and AMD face an unusual export tax. Bitcoin nears its all-time high. And how to buy your very own NFL team. Listen to the day's top stories.

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Chipmakers Nvidia and AMD are said to have agreed to pay 15% of their revenues from Chinese AI semiconductor sales to the US government in a deal to secure export licenses. It's an unusual arrangement that's raising alarm bells among trade experts and is the latest twist in Donald Trump's chip export policy after a sudden reversal on restrictions last month.

The impact of Trump's tariffs is just getting started, according to Goldman Sachs. It says they'll lead to faster inflation and US consumers paying the price. The president is urging China to quadruple its purchases of American soybeans, a day before a trade truce expires. The US expects to largely finish talks with countries that have yet to secure a trade deal by the end of October.

The Dollar Still Rules, But US Policy Is Making It Less Special

America will have less geopolitical and economic leverage if investors and central banks hold more kinds of currency.

Bitcoin climbed to within striking distance of an all-time high, briefly topping $122,000, as big investors pile into digital assets. Oil declined before a meeting between the US and Russian leaders on Friday. The meeting is raising the prospect of an end to the war in Ukraine—which could increase oil supply. Stay up to date with the latest in financial markets here.

Ukrainian President Volodymyr Zelenskiy said Kyiv won't cede territory to end the war with Russia, though NATO Secretary General Mark Rutte said negotiations on Ukrainian land may be possible. European nations are trying to talk with Trump ahead of that big meeting with Putin, people familiar said.

Australia became the latest US ally to break ranks with the US and say it will recognize a Palestinian state at the United Nations summit in September. Israeli Prime Minister Benjamin Netanyahu defended his plans for a military sweep of Gaza City, despite vocal opposition at home and abroad. Read our explainer on Palestinian statehood.

Deep Dive: Piling Into the NFL

Jalen Hurts scores a touchdown during Super Bowl LIX. Photographer: Bob Kupbens/Icon Sportswire

Acquiring an NFL team is usually restricted to those lucky enough to inherit one, or multibillionaires rich enough to buy one. But there is a side door to gain entry to luxury boxes previously reserved for owners: private equity.

The NFL changed its ownership rules in 2024 to let a handful of private equity firms buy up to a 10% stake. In return, team owners get an inflow of funds they can use on expenses like stadium upgrades, and can pay off debt.
Those stakes don't come with voting rights or significant decision-making power, but valuations are ballooning. Holding a passive stake for six years—the required minimum—could net a fund hundreds of millions in returns. Read our explainer on why the NFL let private equity get into the game.
Simply having the cash isn't enough. Private equity firms have to get on the NFL's approved list of funds and it's not easy. The league allowed just four last year, with big names firms Blackstone and CVC Capital Partners said to leave one group that had won preliminary approval after they couldn't agree on their approach.

The Big Take

Ryan Tolkin. Photographer: Michael Nagle/Bloomberg

Schonfeld's millennial boss Ryan Tolkin is leading a comeback for the firm after a rollercoaster ride, including a sudden burst of poor returns and client withdrawals. Here's how he's turning things around at the hedge fund.

Big Take Podcast

The Race to Tap Greenland's Rare Earths

Bloomberg Power Players New York: Set against the backdrop of the US Open Tennis Championships, we'll bring together influential voices from the business of sports to identify the next wave of disruption that could hit this multitrillion-dollar global industry. Join us on Sept. 4. Learn more.

Opinion

Donald Trump and Apple CEO Tim Cook in the Oval Office. Photographer: Brendan Smialowski/AFP/Getty Images

Trump's tariff policies are the antithesis of America's economic dynamism, Matthew Yglesias writes. The president is bolstering his ego at the cost of his country's long-term economic future.

More Opinions

John Authers

Godfather of the Mar-a-Lago Accord Goes to the Fed

Andrea Felsted

This Economy Is Ripe for Fake and Copycat Luxury Goods

Before You Go

The Apple Blossom Easter Egg, part of the Faberge Collection. Photographer: William Thomas Cain/Hulton Archive

Making an eggxit. Gemfields Group has sold its luxury jeweler, Fabergé, for $50 million. Fabergé is best known for creating elaborate jeweled eggs for the Russian Imperial family between 1885 and 1916, but also produces fine jewelry and watches.

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