Boeing vs Nvidia: Trump-Xi Summit Binary Trade Revealed
Boeing and Nvidia are two companies heavily exposed to China in their quarterly reports ahead of the Trump-Xi summit. Boeing is waiting on aircraft orders from Beijing, while Nvidia has already excluded China data center compute from its forward outlook.
Nvidia's revenue more than doubled YoY to $96.22B, with Data Center revenue reaching $89.02B and up 117%. However, the company is supply-constrained, guiding fiscal 2028 growth to approximately 70% due to capacity being capped.
Boeing, on the other hand, is down 7.39% YTD and has a record commercial backlog of over $597B with more than 6,200 aircraft. Any China orders re-opening would drop straight into this backlog.
CFO Colette Kress confirmed that there is no China data center compute revenue in Nvidia's forward outlook, making any summit chip deal incremental. Boeing's setup mirrors this, as Chinese airlines were historically enormous customers of the 737 and 787.