ByteDance has quietly become the world’s largest social media company by revenue in the first quarter of this year, sources tell me and my colleague Kane Wu.

The granting of export licenses for the company’s H20 chips points to a tentative de-escalation in the trade war between Washington and Beijing.

Mr. Huang has met with senior officials in Washington and Beijing in the past few days, including Mr. Trump, to promote artificial intelligence and his company’s central role in the industry.