Nvidia, the world’s biggest chip maker, is often described as the “pick and shovel” provider for the new technology’s massive investment story. Earnings from AMD, Arista Networks, and Astera Labs suggests that there are subtle ways to play the trade.

The arrangement reflects US President Donald Trump’s consistent effort to engineer a financial payout for America in return for concessions on trade

Nvidia and AMD have agreed to give the U.S. government 15 percent of their revenues from chip sales in China, under an arrangement to obtain export licenses for the semiconductors, the Financial Times reported on Sunday.