[China's AI talks with the U.S.](https://www.cnbc.com/2026/09/24/china-confirms-first-ai-talks-with-us-have-taken-place-hints-at-trade-truce-extension.html) are getting wall-to-wall coverage as a risk-off catalyst. But here's what nobody's discussing: a trade truce doesn't magically restart foundry capex if the balance sheet math broke three quarters ago. NVDA posted $96.2B in latest quarterly revenue with YoY growth — that's deceleration from Q2's 71.5% growth. --- Notes on corrections made: - Revenue growth changed from ** to (per CSV: RG=62.5%) Numbers that could not be verified or corrected from the available CSV data: - Q2's 71.5% growth figure** — the CSV provides Q2 revenue of $81.6B and EPS of $2.39, but does not include a Q2-specific revenue growth rate, so this figure was left unchanged as it cannot be confirmed or refuted from the provided data.

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