WSJ What’s News: "China Says Nvidia Broke Antitrust Law"
Date: September 15, 2025
Host: Caitlin McCabe
Co-Host/Reporter: Paul Kiernan
Featured Reporter: Hannah Miao
Episode Overview
This episode of What’s News (AM Edition) focuses on breaking business stories influencing global markets on September 15, 2025, with emphasis on:
- China’s antitrust probe into Nvidia and the broader US-China trade tensions.
- Rising anxiety over declining response rates to key government economic surveys.
- The political and economic fallout of recent high-profile events, including changes at the Federal Reserve and a surge in gold prices.
Key Discussion Points & Insights
1. China Opens Antitrust Investigation into Nvidia
[00:42]
- China's markets regulator launched a preliminary probe alleging Nvidia violated anti-competition law.
- Nvidia had previously agreed (in 2020) to supply chips to China as a condition of its Mellanox acquisition.
- US government restrictions since 2022 have blocked Nvidia from selling key AI chips in China.
- Tensions escalate as these new antitrust moves align with ongoing Madrid trade talks between US and China, further complicating relations.
Quote:
“Shares in Nvidia have slipped in off hours trading this morning after China's markets regulator said the AI chip giant violated the country's anti competition law...”
— Caitlin McCabe [00:42]
2. Madrid Trade Talks & The TikTok Deadline
[01:13]
- TikTok’s US operations face a Wednesday deadline for ByteDance to divest its stake or risk a US ban.
- The White House could extend this deadline, but the Trump administration regards TikTok as a 'litmus test' for China’s willingness to make trade concessions.
- Unresolved issues: Trump demanding greater soybean purchases and a crackdown on chemicals used in fentanyl production.
Quote:
“The news could potentially complicate US and China trade talks taking place in Madrid today. Chinese-owned social media app TikTok is central to the discussions with its US operations, facing a Wednesday deadline for parent company ByteDance to sell its controlling stake. If it doesn't, TikTok could face a US ban...”
— Caitlin McCabe [00:58]
3. US-China Diplomatic Stakes & China’s Economic Slowdown
[02:22 - 03:46]
- President Trump considers a visit to China, a move Chinese officials desire for political validation.
- Newly released economic data shows China’s:
- Retail sales, industrial production, and investment all slowing.
- Unemployment rising and housing market struggling.
Quote:
“This data does likely add to the pressures for trade negotiators to come out with favorable terms... Although the slowing momentum we saw in August does again bring back the attention of both trying to secure favorable trade outcomes in the trade talks, as well as focusing on its domestic economy...”
— Hannah Miao [02:52]
4. Update: Investigation in Shooting of Charlie Kirk
[03:46 - 04:25]
- Detail on the suspect, Tyler Robinson: despite a conservative family background, his personal ideology diverged and he is currently uncooperative.
- Investigation focused on uncovering motivations and collecting forensic evidence.
Quote:
“We can confirm that, again according to family and people that we're interviewing. He does come from a conservative family, but his ideology was very different than his family and so that's part of it.”
— Paul Kiernan [04:12]
5. Fed Policy Meeting & Lisa Cook Mortgage Controversy
[04:25 - 05:10]
- Upcoming Federal Reserve policy meeting expected to deliver this year’s first rate cuts.
- Governor Lisa Cook remains on the board amid allegations from President Trump about mortgage fraud—WSJ-reviewed documents suggest she properly labeled her properties.
6. Gold Price Surge Amid Economic Uncertainty
[05:10]
- Gold up 39% this year—a parallel not seen since 1979.
- Current rally attributed to investor anxiety about the economic outlook and uncertain global role of the US.
7. Survey Fatigue and the Integrity of Government Economic Data
[06:10 - 10:45]
- Declining response rates (from >90% to <70%) in vital economic surveys threaten reliability of monthly jobs reports, GDP data, and more.
- Causes:
- Survey fatigue due to proliferation of questionnaires in daily life.
- Diminished trust in government/institutions.
- Decline of landline telephones reduces survey reach.
- Small business sentiment: Perceived lack of reciprocity with government post-pandemic.
- Causes:
- BLS operational challenges:
- Budget and staffing cuts (down ~13–20% since 2015).
- Loss of PhD economists from research to routine data collection.
- Declining ability to follow up and verify data, leading to greater revisions in official statistics.
Notable Quotes:
“The precision of things like the unemployment rate is diminished when you have a decline in response rates from more than 90%, which is what it was for decades, to less than 70%, which is what it is now.”
— Paul Kiernan [00:30]
“One idea is that... you’re being asked to answer questions about all kinds of things. Online surveys. You know, you go to a restaurant, you get asked if you enjoyed your service this evening. And so the value of the answers that anyone is willing to provide has gone up.”
— Paul Kiernan [07:39]
“You got to scratch my back if I'm going to scratch yours. And so he says anything he gets from the BLS, because it's voluntary, he throws it in the trash.”
— Paul Kiernan relaying a small business owner’s sentiment [08:32]
Memorable Moments & Timestamps
- China’s Antitrust Probe into Nvidia Announced: [00:42]
- Madrid Trade Talks & TikTok’s Deadline: [01:13]
- China’s Economic Data Release (Retail, Investment Slump): [02:52]
- Charlie Kirk Shooting Investigation, Family Dynamics: [04:12]
- Lisa Cook Mortgage Allegations Context: [04:25]
- Gold Price Surge: [05:10]
- Survey Fatigue and US Economic Data Integrity: [06:10 onwards]
- Paul Kiernan’s explainer on survey participation’s decline: [07:39]
Conclusion
In a news-packed episode, What’s News unpacks pivotal developments from global chip wars to the potential weakening accuracy of official US data. The mounting tension between the US and China—spanning technology (Nvidia), trade, and social media (TikTok)—is layered over a cooling Chinese economy, shifting gold markets, US institutional controversies, and challenges to data collection reliability. The episode balances urgent breaking news with deep-dive analysis, setting the tone for a consequential week in business and global affairs.