On May 13, US President Donald Trump led a US business delegation to China, following his first visit in 2017.
The delegation included Nvidia CEO Jensen Huang, Tesla CEO Elon Musk, Apple CEO Tim Cook, as well as key US business figures such as Goldman Sachs, Blackstone, Boeing, and Cargill, representing companies across key sectors including technology, finance, aviation, and agriculture.
According to the “2025 Hurun Global High-Quality Enterprises TOP1000” report, the total value of the accompanying representative companies included in the statistics reached RMB 104.14 trillion, accounting for 13.3% of the total value of the Hurun Global 1000.
This is no longer a typical “business visit.”
Behind the accompanying list lie supply chains, semiconductors, financial liberalization, aircraft orders, and the rebalancing of global industrial chains.
Company | NVIDIA
Industry | Semiconductor/AI Chips
Rankings | Ranked #1 in the “2025 Hurun Global Quality Enterprises TOP1000”, Ranked #6 in the “2026 Top 100 US Companies in China”
The “2025 Hurun Global High-Quality Enterprises TOP1000” report shows that Nvidia surpassed Microsoft and Apple to become the world’s most valuable company, with a value reaching 32.8 trillion yuan, a year-on-year increase of 49%.
Nvidia also saw the largest value growth this year, with its value increasing by 10.8 trillion yuan.
Nvidia’s value surge stems from the explosive growth in demand for artificial intelligence chips and data center computing. The expansion of AI large-scale model training, inference, cloud computing, and data centers has propelled Nvidia from a chip company to the core of global computing infrastructure.
For the capital market, Jensen Huang is selling not just GPUs, but the underlying productivity of the artificial intelligence era.
The Chinese market is equally crucial for Nvidia.
Hurun Research Institute data shows that the information technology industry, represented by semiconductors, has recovered the fastest in the Chinese market, with revenue in China increasing by 18.3% year-on-year in fiscal year 2024, of which Nvidia’s growth was nearly 70%.
Jensen Huang’s inclusion on the list of companies visiting China clearly indicates his core objective.
Nvidia needs Chinese customers, but it also needs to find a new balance between export controls, product compatibility, and the demand for AI computing power.
For a company with a market capitalization of 32 trillion yuan, the Chinese market is both a source of revenue and an indispensable application scenario in the global AI computing power landscape.
Company | Apple
Industry | Consumer Electronics
Rankings | Ranked #2 in the 2025 Hurun Global Quality Enterprises TOP1000, Ranked #1 in the 2026 Top 100 American Companies in China
Among the accompanying delegation, Apple boasts the highest corporate value and the largest revenue in China. According to the “2025 Hurun Global High-Quality Enterprises TOP1000,” Apple’s corporate value reaches 28.6 trillion yuan, accounting for 3.6% of the total value of the Hurun Global 1000. In the “2026 Top 100 US Companies in China,” Apple ranks first, with revenue in China reaching $64.38 billion in 2025.
For Apple, the Chinese market connects production, consumption, and profits. China’s manufacturing system supports its global delivery capabilities, China’s high-end consumer base supports its product premium, and a stable supply chain directly impacts its profit margins and capital market expectations.
The core focus of Cook’s visit to China remains stabilizing the supply chain, consumption, and expectations. For a company with a market capitalization of 28 trillion yuan, any fluctuation in its Chinese business will be quickly reflected in its global valuation system.
Company | Tesla
Industry | New Energy Vehicles
Rankings | Ranked 10th in the “2025 Hurun Global Quality Enterprises TOP1000”, Ranked 4th in the “2026 Top 100 American Companies in China”
Tesla ranked 10th in the “2025 Hurun Global High-Quality Enterprises TOP1000,” with a corporate value reaching 9.5 trillion yuan, accounting for 1.2% of the total value of the Hurun Global 1000. In the “2026 Top 100 US Companies in China,” Tesla ranked 4th, with revenue in China reaching $20.96 billion in 2025.
China is one of Tesla’s most important markets globally and is home to its Shanghai Gigafactory. In recent years, the Shanghai factory has not only supported domestic sales in China but also served as a global export hub, making it one of the most efficient assets in Tesla’s manufacturing system.
However, Tesla faces increasingly fierce competition in China.
Chinese new energy vehicle companies are accelerating product iterations, price wars are squeezing industry profits, and intelligent driving has become a new focus of competition.
Musk’s visit to China points to three things: production efficiency, expectations for intelligent driving regulations, and stabilizing market share in China.
Company | Visa
Industry | Financial Payments
Ranking | Ranked 16th in the 2025 Hurun Global Quality Enterprises TOP1000
Visa represents the payment network within the US financial infrastructure. According to the “2025 Hurun Global High-Quality Enterprises TOP1000,” Visa ranked 16th, with a corporate value of 4.6 trillion yuan.
Unlike Apple, Tesla, and Qualcomm, Visa’s focus in China is not on manufacturing, sales, or the supply chain, but rather on payment clearing, cross-border consumption, financial access, and network connectivity.
What it truly values is the transaction volume of the Chinese market and the long-term position of its global payment network in the Chinese context.
Ryan McInerney’s recent visit to China focused on financial opening and the potential for cross-border payments.
For Visa, the Chinese market is not a short-term revenue story, but rather a question of whether its payment infrastructure can be further embedded in the global financial flow system.
Company | Micron Technology
Industry | Semiconductor/Memory
Rankings | Ranked 53rd in the “2025 Hurun Global Quality Enterprises TOP1000”, Ranked 20th in the “2026 Top 100 US Companies in China”
As a leading US memory chip manufacturer, Micron ranked 53rd in the “2025 Hurun Global High-Quality Enterprises TOP1000,” with a corporate value of RMB 1.97 trillion, accounting for 0.3% of the total value of the Hurun Global 1000. In the “2026 Top 100 US Companies in China,” Micron ranked 20th, with revenue in China reaching US$3.78 billion in 2025.
Memory chips are a typical cyclical industry, but the demand from AI servers, data centers, and high-end computing power is revitalizing the strategic value of the memory sector.
For Micron, the Chinese market represents both high demand and is one of the markets with the most concentrated policy variables.
Micron’s core objectives during this visit to China are clear:
It needs to repair customer relationships, reduce regulatory uncertainty, and simultaneously strive to maintain its market position amidst the release of demand in AI storage and data centers.
Company | Goldman Sachs Group
Industry | Investment Banking
Ranking | Ranked 69th in the 2025 Hurun Global Quality Companies TOP1000
Goldman Sachs represents Wall Street investment banking capital and is the most typical financial signal on this list. According to the “2025 Hurun Global High-Quality Enterprises TOP1000,” Goldman Sachs’ enterprise value reached RMB 1.72 trillion, accounting for 0.2% of the total value of the Hurun Global 1000.
For investment banks, the Chinese market corresponds to IPOs, mergers and acquisitions, cross-border financing, wealth management, and institutional fund allocation.
If Sino-US relations release stable signals, market risk appetite will be the first to recover, followed by trading volume, financing demand, and asset allocation.
Solomon’s accompanying visit to China reflects Wall Street’s focus on the window of opportunity for repricing Chinese assets.
Industrial enterprises look at orders; Goldman Sachs looks at capital flows and trading opportunities.
Company | Qualcomm
Industry | Semiconductor/Chip
Rankings | Ranked 98th in the “2025 Hurun Global Quality Enterprises TOP1000”, Ranked 5th in the “2026 Top 100 US Companies in China”
Qualcomm is one of the companies on this list that best reflects the intertwined technological interests of the US and China. According to the “2025 Hurun Global High-Quality Enterprises TOP1000,” Qualcomm’s enterprise value is RMB 1.33 trillion, accounting for 0.2% of the total value of the Hurun Global 1000. In the “2026 Top 100 US Companies in China,” Qualcomm ranks 5th, with revenue in China reaching US$20.34 billion in 2025.
This means that Qualcomm remains deeply intertwined with China’s electronics industry chain. Mobile phone chips, communication technology, automotive electronics, and end-user customers constitute Qualcomm’s main revenue base in the Chinese market.
For Qualcomm, the Chinese market is both a customer pool and a testing ground for technological boundaries. While US-China technology controls persist, the demand from Chinese end-user manufacturers for high-end chips and communication technologies has not disappeared.
Amon’s visit to China focused on chip sales, the boundaries of technological cooperation, and the stability of relationships with Chinese customers.
Company | Blackstone
Industry | Private Equity
Ranking | Ranked 115th in the 2025 Hurun Global Quality Companies TOP1000
Blackstone represents another type of American capital. According to the “2025 Hurun Global High-Quality Enterprises TOP1000,” Blackstone’s enterprise value reached RMB 1.21 trillion, accounting for 0.2% of the total value of the Hurun Global 1000. As a global alternative investment giant, Blackstone’s core focus is not on individual deals, but on asset prices, exit channels, and opportunities at the bottom of economic cycles.
After adjustments in the Chinese market, there is potential for revaluation in sectors such as real estate, infrastructure, consumer goods, and enterprise services.
For institutions like Blackstone, a market downturn does not automatically equate to opportunities; the key lies in policy expectations, asset liquidity, and exit mechanisms.
Schwarzman’s accompanying visit to China signals that capital is re-evaluating Chinese assets.
For global private equity capital, the Chinese market remains a large and undeniable asset pool.
Company | Boeing
Industry | Aviation Manufacturing
Ranking | Ranked 139th in the 2025 Hurun Global Quality Enterprises TOP1000
Boeing represents a more direct order-driven logic. According to the “2025 Hurun Global High-Quality Enterprises TOP1000,” Boeing’s enterprise value was RMB 1.05 trillion, accounting for 0.1% of the total value of the Hurun Global 1000.
Compared to technology and finance, aircraft manufacturing is easier to quantify, and aircraft orders have long been a crucial bargaining chip in Sino-US trade relations.
For Boeing, the Chinese market is related to order backlog, delivery schedule, and the recovery of global market share.
Especially against the backdrop of global aviation demand recovery and intensified competition for aircraft deliveries, the procurement needs of Chinese airlines remain significant.
Ottberg’s visit to China was primarily aimed at fulfilling orders and improving delivery expectations. Compared to the long-term competition in chips and AI, aircraft orders are closer to short-term results and are more easily reflected in trade data.
