Good morning. Chipmakers Nvidia and AMD strike an unusual arrangement with the US government. Volodymyr Zelenskiy refuses to cede land. And the Swiss want to charge the Germans and Dutch for using their Alpine roads.

Nvidia and Advanced Micro Devices are expected to pay the United States 15% of the money they take in from selling artificial intelligence chips to China, as part of a highly unusual financial agreement with the Trump administration.

Nvidia’s H20 and AMD’s MI308 – required for AI-related use – can now be sold; The companies had a combined sale of $23.2bn in China in FY2024