logo
The Search for the ‘Bandung Spirit'

The Search for the ‘Bandung Spirit'

The Wire04-06-2025
Support independent journalism. Donate Now
World
While Bandung's call for political independence across the colonies has in fact been met, the economic independence and egalitarian development path it advocated are still substantially unrealised.
The plenary session during the historic Bandung Conference. Photo: Public domain.
Real journalism holds power accountable
Since 2015, The Wire has done just that.
But we can continue only with your support.
Contribute Now
This April marked the 70th anniversary of the Bandung conference held in Indonesia in 1955, that brought together high-level representatives from 29 countries, most of which had won independence from colonial rule in the wave of decolonisation that accompanied the onset and advance of the Second World War.
The 1955 event that is a kind of milestone in global history since the middle of the 20th century was remarkable in many ways. Though a meeting of leaders rather than of people, it did appear to have the enthusiastic support and sanction of the populations that had won political freedom from imperialist domination. The proceedings and the outcome document had a strong anti-colonial flavour, reflected in the declaration that 'colonialism in all its manifestations is an evil which should speedily be brought to an end'. The reference to 'all manifestations' clearly implied that the challenge was not merely to root out the still present instances of colonial domination, but to stem the onset of neocolonial domination in the then Third World.
The conference reflected the mood in Afro-Asian nations. The prevailing sense was that it was imperative to keep imperialism at bay, for which these leaders together committed themselves to and demanded of others recognition of the equality of nations 'large and small', and respect for territorial integrity and sovereignty. Implicit in this case for the establishment of a democratic international order was the idea that the nation state was the entity that matters and the assertion that national governments were more representative of their peoples than any self-designated international rule-making authority.
Class character
There were of course differences in the perception regarding the potential and ability of the states in newly independent countries to pursue autonomous development that helped fortify political freedom with economic independence. One the one hand, there were those who held the position that in the post-war world the potential for the development of new autonomous capitalist societies was fundamentally limited even if countries won political independence. Their ability to have a transformative influence, depended on the class character of national governments that came to power at Independence. Only if those states were led by forces representing the interests of the peasantry and the formal and informal working class, as opposed to indigenous industrial capitalists and big landed interests in coalition, that the structural changes needed to create the conditions for more egalitarian development based on indigenous capabilities and domestic markets would be ensured.
The victory of Communist led forces in revolutionary wars in China and Vietnam, the continuation in power of governments with an avowedly pro-people development agendas (unlike in some other contexts), and the formation of an uneasy 'socialist bloc' along with the then Soviet Union, seemed to provide support for those advocating this form of transformation. It was not just the state that must be the bulwark against imperialism and the driver of autonomous development, but that state must in the interests of the hitherto exploited and marginalised lead a process of institutional change that attacks land monopoly and non-agricultural asset concentration.
But a majority of countries that won Independence during the decolonisation years that followed the Second World War, while coming to power on the basis of mass movements against colonial rule, represented a coalition of landed and industrial interests. Despite declaring intent to pursue a radical programme, they failed in practice to implement much needed land reforms that by breaking down land monopoly and releasing peasant energies, would have dismantled barriers to productivity increase in agriculture, raised mass incomes and raised consumption, and generated the wage goods surpluses needed to support economic diversification away from agriculture.
This failure, in ways which we cannot elaborate here, limited the growth of the domestic market and held back autonomous development, as well as left untouched the structural constraints leading to bouts of inflation and periodic balance of payments crises. This was true of countries from which some of the
inspiring leaders at Bandung – Indonesia's President Sukarno, India's Prime Minister Jawaharlal Nehru, and Egypt's President Gamal Abdel Nasser for example – came. In time, with the failure of autonomous development in the form of 'import substituting industrialisation', these countries would all drop their progressive agendas and embrace neoliberalism, owning that agenda rather than opposing it as an imposition by neocolonial powers.
The core constraint
The Bandung cohort did realise that they had responsibilities to their peoples who fought for political freedom, installed them as leaders, and gave them the social sanction to advance the project of autonomous and independent development. The issue they faced was not just that of raising productivity and per capita income but of addressing the asset inequality that would deprive that majority of the benefits of post-independence development. That, in turn, would prevent the emergence of a domestic market needed to support a process of development that would be less dependent on international markets dominated by the developed countries and on the foreign investors whose support would be needed to obtain any foothold in those markets. In sum, the less developed countries would have to pursue more egalitarian strategies with a major or even dominant role for the State, as well as cooperate with each other to create combined markets and realise the scale needed to support the diversification of economic activity.
Seven decades after the Bandung conclave, its vision appears to have been only partially realised and does not seem to have the needed purchase among governments who are seen as central to breaking the shackles of global economic inequality. After a brief honeymoon with the ideals that were espoused at Bandung, States in most post-colonial countries lost the will to stand up to imperialism and push ahead with strategies that could have helped them pull themselves up by their own bootstraps. They had failed to deliver on the promises based on which the mass upsurge against imperialism was mobilised, having gone too far to accommodate the demands of powerful, asset owning vested interests and their elite backers. This not only resulted in the persistence to different degrees of inequality, poverty and social deprivation, but also subverted the effort to pursue autonomous and successful development. The result was the loss of support from those advocating or aspiring for national development.
Also read: Unchallenged at Home and Abroad: Jawaharlal Nehru's Leadership With the Non-Aligned Movement
By the 1970s, governments in most less developed countries were faced with a development impasse. To resolve that, they turned to the surfeit of liquidity that flooded global markets following the rise to dominance of finance starting in the 1980s. Rather than stand up to foreign capital and influence, expand domestic markets, and build domestic capabilities, they embraced neoliberalism in the hope that they can leverage foreign investment and finance to restructure themselves as export engines growing on the basis of markets in countries they had promised to win economic independence from. The result has been heighted vulnerability, extreme volatility, and social retrogression.
The exceptions
However, the Bandung promise of a pushback against imperialism was kept alive and was rejuvenated by the revolutions in China and Vietnam. Victory in the Vietnam war, the 50th anniversary of which is being celebrated this year, highlighted a model form of the national liberation struggle in Vietnam and marked the completion of the Vietnamese revolution. The synchronisation of that important anniversary with the 70th anniversary of Bandung has partly strengthened the call for a revival of the Bandung spirit. It is true that China and Vietnam too embraced 'reform', expanded the space for private initiative and relied on external markets to accelerate growth. But their success along that path, despite its many adverse consequences, is in no small measure due to the strengths and resilience built during years of 'socialist' development.
The idea that the character of the leadership of the national liberation struggle was crucial has an interesting history. It originated in the view articulated at the Sixth Congress of the Communist international in 1928, in the 'Theses on the Revolutionary Movement in Colonial and Semi-colonial Countries'. That view had held that 'When the dominant imperialist power needs social support in the colonies it makes an alliance first and foremost with the dominant classes of the old pre-capitalist system, the feudal type commercial and moneylending bourgeoisie, against the majority of the people.' However, subsequent analyses did not either restrict that kind of alliance only to the colonial period or limit it to one between feudalism and imperialism. Rather, the possibility, especially after the October Revolution, that any attack on feudal land monopoly could develop into a movement against private property itself, was seen to necessitate a compromise between the 'national bourgeoisie' and feudal landlordism in the post-colonial period. As a result, the ability of the post-colonial state, constructed in part by an incipient capitalist class to sustain successful industrialisation, was also seen as limited.
What this position went on to argue was that the fall-out of this correlation of forces constrained industrialisation and capitalist development in three ways: (1) It sapped the ability of emerging elites in underdeveloped countries to radically transform agrarian relations, and thereby constrained growth of the domestic market and manoeuvrability of the State; (2) It transformed the underdeveloped countries into a sink for surpluses to finance that process of accumulation; and (3) It subordinated local production and markets to the needs of capital accumulation on a world scale, resulting in growing external vulnerability. The argument was not that capitalist development would not occur, but that such development would be characterised by extreme gradualism, its effects on wage earners and the salariat would be immiserising, and that at all times it would be characterised by the utmost external vulnerability making the pace of development dependent on the access of domestic elites to international capital.
The questionable alternative 'models'
This view was sought to be skirted subsequently by a very specific interpretation of the successful diffusion of capitalism into two countries with a special history. if we take the post-World War II period (and therefore treat Japan since the Meiji restoration separately), there have been only two countries that have made the developmental transition within a market economy framework, in the sense of having moved from backward to developed-country status: South Korea and Taiwan. Other countries that had made that transition were either part of the Soviet Union and not market economies in any meaningful sense, and China and Vietnam which show some promise of making that transition have a very specific non-market, pre-'market-economy', history. In sum, South Korea and Taiwan are more exceptions rather than the rule.
There are some telling similarities between these two that make them exceptional. Externally, South Korea and Taiwan were countries that became 'independent' after having been liberated from Japanese imperialism by the United States, that placed them under occupation. That resulted in a special, even if subordinate relationship with the US and them, strengthened by the fact that these were frontier states in a geopolitics marked by Cold War conflicts. They also served as important rest, recuperation and refuelling bases for American troops during the Vietnam war.
Not surprisingly, despite being geographically not too large, as of September 2022 South Korea was host to 73 US military bases. This special relation not only gave the country easier access and special privileges in the markets of the US and its allies, but special access to private international capital markets at a time when developing countries were being shunned by international banks. South Korea was a 'semi-core' rather than 'peripheral' country. It was the periphery of metropolitan capitalism, rather being a peripheral country in global capitalism. The State here mattered not because it was a bulwark against imperialism, but because it was the instrument through which imperialism consciously facilitated their development to establish them as 'frontier states'.
Contemporary relevance
It is in this background that we must assess the relevance of the Bandung agenda today, when international inequality and the push of capital from the North to the South have locked many less developed countries in a debt trap; when the developed nations refuse to recognise their prime responsibility for redressing the effects of past carbon emissions that triggered the current climate crisis; and, when developed countries turn inward and seek to resolve their domestic problems by shutting out the less developed from presence in their markets. The
global majority countries are once again recognising that they need to stand on their own feet, shape autonomous development strategies, and cooperate to strengthen each other. But to pursue that agenda they need to break out of the grip of neoliberalism, enhance domestic policy space and reverse and unravel asset and income inequality to grow local markets.
That requires social pressure and transformation. This possibly explains why, though 'Bandung' was a landmark that received popular support in Afro-Asian nations, the 70th anniversary passed with scattered celebrations that were little more than a token recognition of the importance of the occasion. Underlying this absence of the Bandung spirit is the reality that, while Bandung's call for political independence across the colonies has in fact been met, the economic independence and egalitarian development path it advocated are still substantially unrealised. But that makes a case not for dropping the Bandung agenda, but for recognising that there are prerequisite for reviving the Bandung spirit, which has gained a new relevance. However, the changed circumstances also pose new challenges.
What the embrace of neoliberalism did was that it set off competition among these poorer countries to win larger shares of the limited world market open to them. Wages were kept down, foreign investors were wooed and developed country governments appeased in order to emerge the winner. Few did, but even when they did the outcome was not adequate to ensure coveted membership of the rich nations club. The result largely was greater dependence, excessive external debt, subordination and extreme vulnerability. Meanwhile, whatever growth occurred largely bypassed the poor. And when the US administration under Trump decided to weaponise tariffs and held out the threat of being shut out of the American markets, governments in even the more 'successful' countries, had to rush to negotiate and offer concessions that are likely to set back development and hurt most those who have been marginal beneficiaries of whatever development has occurred.
That weakness explains the muted response to attempts to recall Bandung. It poses a challenge to democratic forces and civil society actors when seeking to revive the spirit of Bandung and realise its ambitions. They must struggle to put in place truly representative governments committed to pursuing the goals that inspired national liberation struggles the world over.
C.P. Chandrasekhar is the Global Research Director at International Development Economics Associates (IDEAs). He is a Senior Research Fellow at the Political Economy Research Institute at the University of Massachusetts Amherst and was engaged in teaching and research at the Centre for Economic Studies and Planning at Jawaharlal Nehru University for more than 30 years.
In commemoration of the 70th anniversary of the Bandung Conference, IDEAs, Yukthi and Bandaranaike Centre for International Studies have organised a two-day conference in Colombo, Srilanka on June 2 and 3 at the historic venue of the Bandaranaike Memorial International Conference Hall, which was the site of the 5th Summit of the Non-Aligned Movement. Read more about it here.
This article was originally published on the IDEAs website.
The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
World
Musk Slams Trump's 'Big Beautiful Bill' as 'Abomination'
View More
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Why the West keeps getting Xi Jinping wrong
Why the West keeps getting Xi Jinping wrong

India Today

timean hour ago

  • India Today

Why the West keeps getting Xi Jinping wrong

Each time Xi Jinping vanishes from public view—even briefly—the usual chorus springs to life. Think tanks buzz with theories. Twitter (or X) lights up with speculative threads. Television panels convene in haste. Western newspapers quote 'anonymous insiders.' Asian outlets pick up the trail. And once again, headlines proclaim instability at the apex of China's power there's a recurring problem: they're almost always Xi Jinping disappears from view multiple times each year. And each time, it's as if the West has returned to 1989. Out come the Tiananmen metaphors. Op-eds forecast regime collapse. Analysts warn of elite discontent. Then Xi resurfaces—shaking hands, touring factories, delivering speeches. No wheelchair. No oxygen mask. No rumours fade. The speculation dies down. But the cycle? It resets—like clockwork.A Pattern, Not a FlukeWhat we're witnessing isn't just clickbait or lazy journalism. It's something far more deliberate: narrative warfare. A disinformation strategy dressed as analysis. A psychological operation updated for the social media age—designed to sow doubt about China's leadership and to weaken confidence in its political isn't a conspiracy theory. It's a strategy—acknowledged, at times, by former intelligence officials themselves. Psychological operations don't always come with tanks and soldiers. Sometimes, all it takes is a whisper. A provocative headline. A satellite image of dubious origin. A 'leak' from a think the Western press? It plays Study: September 2022Xi skipped a scheduled meeting for less than a week. Western headlines screamed: 'Coup in Beijing?' 'Has the PLA arrested Xi?' Anonymous Indian intelligence sources were quoted. Twitter flooded with satellite images—many from old military drills. Talk of an 'internal rebellion' social media accounts—later traced to IP addresses in Virginia, Taiwan, and London—amplified the frenzy. Then Xi reappeared at a military expo. Calm. Unmoved. The headlines vanished. But the psychological seed had been in 2023 and 2024In August 2023, Xi missed a BRICS planning session. British tabloids declared 'Chaos in Zhongnanhai.' American commentators floated theories about his fallout from the Rocket Force purge. Thai outlets translated it. Japanese pundits debated it. South Korean YouTubers built mini-documentaries around of it turned out to be fiction. Xi met Russian diplomats days later—healthy and present. The story was quietly dropped. No correction. No again in March 2024, just before the National People's Congress, Xi didn't attend a ceremonial event. The Washington Post ran with speculative unrest in the provinces. 'Elite discontent' was once again anonymously most recently, June 2025: ten days of silence. The rumour mill spun furiously—heart problems, power struggles, foreign meddling. But Xi returned—shaking hands with India's External Affairs Minister Dr S. Jaishankar in Beijing, all smiles for the cameras. No explanation CIA, MI6 and the Game of PerceptionWhy does this pattern repeat?Because it intelligence agencies understand that if they cannot physically destabilise China, they can attempt to fracture it psychologically—at least in perception. Global investors, Asian neighbours, and Chinese elites are all watching. Uncertainty is the weapon. Rumours are the delivery don't need to prove Xi is weak. They just need the world to wonder if he why these stories often begin in Langley, Vauxhall Cross, or within Western-funded think tanks. The narrative is seeded, echoed, and amplified. 'Sources say...' 'Satellite imagery suggests...' 'Anonymous officials believe...' Always speculative. Rarely verified. Yet persistently Becomes a WeaponChina's opaque political system lends itself to this tactic. The CCP's culture of secrecy allows room for speculation. Without transparency, Western media fills the void with opacity is not the same as Xi rules an authoritarian regime. Yes, the system crushes dissent and censors critics. But that doesn't mean it's on the verge of implosion every time he takes a break from public this with Western leaders. When a US president disappears? It's 'rest at Camp David.' When a UK Prime Minister goes quiet? 'Family holiday.' When Macron skips a summit? 'Scheduling conflict.'But when Xi disappears? It's a coup. Xi is not merely a man. He is the embodiment of the Chinese state. To suggest he's vulnerable is to imply the whole system Role of Think TanksMany of the organisations driving these narratives are not disinterested academics. They receive funding from defence contractors, government departments, or intelligence-linked sources. Their 'hypotheses' often become tomorrow's not evidence—it's projection. Geopolitics disguised as it works. Markets jitter. Investors hedge. Diplomats scramble. Policymakers rehearse 'China collapse' scenarios. A lie repeated often enough becomes a risk to be media outlets, especially in India, Taiwan, Japan, and South Korea, often retransmit these Western narratives. Sometimes out of alignment with geopolitical interests. Other times out of journalistic habit.A Manufactured RealityThis is the outcome: the West gets to script China's decline—no evidence needed. Xi keeps ruling. The CCP keeps functioning. And no journalist, editor, or analyst is ever held to account for being wrong. But they might just get a promotion for 'breaking' the next false is how information warfare Real IllusionYes, Xi Jinping governs with fear. Yes, China's political system is rigid and secretive. But the biggest illusion isn't Xi's the West's addiction to misinterpreting when policy is based on fantasy, it leads to strategic miscalculations. Trade collapses. Alliances erode. War becomes more likely—not because of facts, but because of Jinping is not invincible. But he isn't vanishing in defeat every few months either. And when he reappears after a stretch of silence, it's not a resurrection. It's a reminder: he never left.- Ends

Nvidia, AMD to restart AI chip sales to China after US export nod
Nvidia, AMD to restart AI chip sales to China after US export nod

Business Standard

timean hour ago

  • Business Standard

Nvidia, AMD to restart AI chip sales to China after US export nod

Nvidia Corp. and Advanced Micro Devices Inc. plan to resume sales of some AI chips in China after securing Washington's assurances that such shipments would get approved, a dramatic reversal from the Trump administration's earlier stance on measures designed to limit Beijing's AI ambitions. US government officials told Nvidia they would green-light export licenses for its H20 artificial intelligence accelerator, the company said in a blog post on Monday — a move that may add billions to Nvidia's revenue this year, restoring its ability to fulfill orders it had written off as lost due to government restrictions. Nvidia designed the less-advanced H20 chip to comply with earlier China trade curbs from Washington, which Trump's team tightened in April to block H20 sales to the Asian country without a US permit. AMD received similar assurances from the US Commerce Department and plans to restart shipments of its MI308 chips to China once licenses for sales are approved, the company said in a statement Tuesday. Shares of AMD jumped as much as 8.5% after markets opened in New York while Nvidia rose as much as 5%. Chief Executive Officer Jensen Huang — who met with President Donald Trump last week and is currently in Beijing attending a government-sponsored conference — appeared on Chinese state broadcaster CCTV shortly after Nvidia announced the decision, saying the company had secured approval to begin shipping. The Commerce Department, which oversees US export controls on chips and the tools used to make them, did not immediately respond to a request for comment on whether the agency has already issued any H20 licenses. The US move comes after weeks of thawing relations between Washington and Beijing, guided by an opaque trade truce that's designed to see both sides approve exports of crucial technologies. After meeting his Chinese counterpart last week, US Secretary of State Marco Rubio said there's a 'strong desire on both sides' for a meeting between Trump and President Xi Jinping later this year. Washington in recent weeks has lifted a spate of export controls — including on chip design software — imposed ahead of last month's trade talks in London. That's in return for China allowing more sales of rare-earth minerals needed to make a range of high-tech products, something US negotiators thought they'd achieved the month prior during talks in Geneva. Throughout and after those negotiations, Trump's team insisted that controls on Nvidia's H20 chips were not up for discussion. Treasury Secretary Scott Bessent acknowledged Tuesday that the restrictions on Nvidia's H20 chips were part of the London talks, despite his own earlier assertions that there was no such quid pro quo tying semiconductors and rare earths. 'You might say that that was a negotiating chip that we used in Geneva and in London,' Bessent said in an interview on Bloomberg Television. 'It was all part of a mosaic. They had things we wanted, we had things they wanted.' The about-face marks a massive win for Huang, who has branded US chip curbs a 'failure' that fueled the rise of Huawei Technologies Co. as Nvidia's top Chinese rival. H20 shipments also would be a boon to companies from DeepSeek to Alibaba Group Holding Ltd. that — despite Huawei's semiconductor progress — seek Nvidia hardware to train, expand and operate the AI services they're building to compete with the likes of OpenAI. Nasdaq futures surged after Nvidia's announcement, with Chinese stocks also reacting positively. Alibaba's shares rose as much as 6% in Hong Kong on Tuesday, the Hang Seng Tech Index rose as much as 2.2% and data center operators like Beijing Sinnet Technology Co. jumped as much as 8.4%. 'Nvidia resuming the sale of H20 to China is obviously positive,' said Vey-Sern Ling, managing director at Union Bancaire Privee. 'Not just for the company but also the AI semiconductor supply chain, as well as China tech platforms that are building AI capabilities. This is also a good development for US-China relations.' The US first restricted Nvidia's China sales in 2022, with sweeping curbs designed to prevent the Asian country from accessing advanced AI that could benefit the Chinese military. Nvidia has designed new processors for the China market several times to comply with those measures, which have become a central point of tension between Washington and Beijing. Within months of the initial curbs, the chipmaker debuted the H800, which President Joe Biden's administration effectively banned from sale to China in 2023. Nvidia responded with the H20, for which Biden officials weighed — but did not ultimately pursue — export restrictions. After Trump moved forward with H20 controls in April, Nvidia designed another China-focused product, the RTX PRO. The company described that chip as 'fully compliant,' meaning that it falls below the technical thresholds that would necessitate Washington's approval for export to the world's second-largest economy. 'Let me stress that China opposes politicizing and weaponizing trade and tech issues,' Ministry of Foreign Affairs spokesman Lin Jian said at a regular briefing, when asked about Nvidia. Export curbs 'will destabilize global industrial supply chains and will serve nobody's interest.' What Bloomberg Intelligence Says The possibility that US officials will green-light Nvidia's H20 exports to China reopens a key sales channel for the US chipmaker. The reversal could help recover a substantial portion of the $15 billion in fiscal 2026 data center revenue previously at risk, including $4-5 billion originally expected in 2H, and part of the $8 billion in unshipped 2Q orders. — Kunjan Sobhani and Oscar Hernandez Tejada, BI analysts The back and forth reflects the importance of the China market for Nvidia, which made history last week as the first company to hit $4 trillion of market value — a testament to its central role in providing the hardware for a post-ChatGPT AI infrastructure building boom. Huang is currently seeking discussions with Chinese leaders, including the commerce minister, with Nvidia's central role in the global AI rollout likely on the agenda. Huang has also become increasingly vocal in Washington. He said recently that policymakers don't need to worry about the Chinese military using Nvidia chips — one of the central justifications for US restrictions — since Beijing can't rely on something that Washington could restrict at any point. He's also warned that Nvidia's loss of market share in the Asian country — from 95% to 50%, Huang said in May — directly benefits Huawei, the Shenzhen-based hardware giant at the center of Beijing's tech ambitions. For months, though, it seemed the tech chief was fighting a losing battle. While some Trump officials are keen to boost Nvidia's sales in markets like the Middle East, they held the line on China curbs. 'We obviously have huge respect for Jensen,' Sriram Krishnan, senior AI policy adviser at the White House, said in May. But 'there is still bipartisan and broad concern about what can happen to these GPUs once they're physically inside' China, Krishnan said. The next month, during US-China trade negotiations in London, White House National Economic Council Director Kevin Hassett said that Washington's willingness to lift some chip-related export controls didn't extend to the H20 measures. 'The very, very high-end Nvidia stuff is not what I'm talking about,' he told CNBC at the time. Treasury Secretary Scott Bessent repeated that message to senators later that week, saying that 'there is no quid pro quo in terms of chips for rare earths.' Yet when lawmakers pressed Bessent on exactly which semiconductor curbs could be up for discussion, he stopped short of ruling out a possible easing on leading-edge chips and production equipment. 'What I'm saying is there's no intent' to increase China's access to advanced American semiconductors, Bessent said during congressional testimony in June. 'In fact we have done just the opposite. We put export controls on the Nvidia H20, which I would regard as a very upper end chip, but not the highest end chip.'

AMD says it will restart MI308 sales to China after US review
AMD says it will restart MI308 sales to China after US review

Time of India

time3 hours ago

  • Time of India

AMD says it will restart MI308 sales to China after US review

Advanced Micro Devices Inc. said that it plans to restart shipments of its MI308 chips to China after the US said it would approve the sales, following a similar decision on an Nvidia Corp. semiconductor. The US Commerce Department told AMD that license applications for the MI308 products would move forward for review, an AMD spokesman said Tuesday. Allowing the products back into China is a reversal for President Donald Trump's administration, which spent weeks insisting that curbs on chips sales to the Asian country were not up for discussion. The news comes after weeks of thawing ties between the two nations as well as Nvidia Chief Executive Officer Jensen Huang's meeting with Trump last week. AMD said in April that export restrictions on the MI308 chips would cost the company about $800 million. Earlier, Nvidia similarly said the government had agreed to green-light shipments of its H20 AI chip to China, a decision that could add billions to the company's revenue this year. AMD shares rose 5% in premarket trading on Tuesday. The stock closed at $146.24 on Monday and has gained 21% this year.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store