Trump blocks China's Nvidia chip access and SNAP benefits latest

President Donald Trump announced that China was to be denied access to Nvidia (NVDA)'s latest chips for use in AI programming. The new Blackwell chips are to be sold to U.S. customers only as restrictions are tightened further. Elsewhere, Federal judges ruled that SNAP benefits must be continually delivered despite the Government shutdown. OPEC members also revealed that there would be a pause increases in the price of Oil (CL=F).

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Video Transcript

00:08 Speaker A

All right, let's kick off the things you need to know before the opening bell rings by taking a quick look at where the US stock futures stand.

00:15 Speaker A

And it's looking like a slightly positive picture at the moment as Wall Street looks to extend last month's momentum into November.

00:23 Speaker A

Okay, the first thing you need to know is that President Trump has said that China can't have Nvidia's top AI chips.

00:32 Speaker A

He wants Nvidia's Blackwell chips to be sold to only US customers and no other countries.

00:38 Speaker A

This suggests that Trump may impose tighter restrictions around cutting-edge American AI chips than US officials previously had indicated.

00:46 Speaker A

Now, remember on Friday, Nvidia said it would supply more than 260,000 Blackwell AI chips to South Korea, including to Samsung.

00:54 Speaker A

Okay, the next thing you need to know is that the Trump administration cannot suspend food aid to 42 million low-income Americans during the government shutdown.

01:03 Speaker A

Two federal judges ruled that snap benefits must continue to be paid.

01:07 Speaker A

The government shutdown is poised to become the longest ever this week as the impasse between Democrats and Republicans dragged into a new month.

01:14 Speaker A

And the last thing you need to know is that OPEC Plus agreed to a small oil output increase for December.

01:21 Speaker A

The oil cartel also announced yesterday that it was to pause increases in the first quarter of 2026.

01:27 Speaker A

OPEC Plus said the decision reflects on reflects an expectation for a seasonal slowdown.

01:32 Speaker A

Now, the move comes against a backdrop of widespread forecast for excess supplies next year.

01:38 Speaker A

Over the past 12 months, both main benchmarks have fallen around 15%.

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