Trump brought a dozen of America's most powerful CEOs to Beijing this week — Jensen Huang, Tim Cook, Elon Musk, and others — to meet with Xi Jinping. The optics were big. The results were not. And the whole experience was presumably a nightmare for Trump's emotional-support CEOs.

Here's why: these companies aren't trying to expand into China. They're trying to hold onto what they already have — and in most cases, they're losing it anyway. Tim Cook has built Apple's entire supply chain around China. Nvidia has gone from 95% AI chip market share in China to nearly zero. Musk is trying to sell Teslas in a country that views Starlink as a military threat.

The world that made Silicon Valley possible — the open-market, borderless-money era that began when China joined the WTO in 2001 — is over. And no amount of diplomatic face time with Xi Jinping, or plane rides with Trump, is going to bring it back.

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