Jensen Huang was riding high. The name of the company he runs, Nvidia, is a play on the Latin word for . But when asked last month, Huang could not think of a single thing he is envious of. "I have a pretty great life," he said toward the end of a 75-minute interview with TIME, before tallying a list of things he is grateful for: his happy marriage, his adult children, and his two dogs, who earlier that day both received the all-clear on their ultrasounds. Then, of course, there was his professional life: running the world's most valuable company, worth some $4.3 trillion.

Early this year the Chinese company Deepseek revealed that it had developed a very powerful model mostly using Nvidia chips obtained before the Biden administration closed an export loophole in 2023, heightening the intensity of the race. Last week, the Trump administration ripped up those rules, with a spokesperson calling them "overly complex, bureaucratic" and saying they "would stymie American innovation." They then switched to a new tack: linking countries' access to AI chips with larger trade negotiations. Transitioning to a negotiation-based approach, the administration argued, could allow for more flexibility from country-to-country and allow Trump to secure key business concessions from Middle Eastern partners. Business and governments in the Middle East have massive ambitions for AI, aiming to position themselves at the forefront of this emerging technology.