English
Français
Deutsch
Italiano
Português
Русский
Español
简体中文
हिन्दी
日本語
Nvidia stock falls as Commerce Department further restricts exports of AI chips to China.
Dreamstime
Nvidia
stock was sinking Tuesday after the Biden administration said it would be tightening its restriction on exports of artificial intelligence chips to China.
A
Nvidia
spokesperson told Barron’s that given the demand worldwide for its products it doesn’t expect a near-term meaningful impact on its financial results.
The Commerce Department told reporters on Tuesday that it would be constricting exports of AI chips, and make it more difficult for companies like
Nvidia
(ticker: NVDA) to sell their products to China, according to The Wall Street Journal. The Commerce Department didn’t immediately respond to a request for comment from Barron’s.
Nvidia shares were falling 7.5% to $426.57 and were on pace for their largest percentage decrease since October 2022. The stock was the worst performer in the
S&P 500
Tuesday.
President Joe Biden last year unveiled new restrictions on semiconductor exports to China in an attempt to slow China’s technological advances and keep most of the chip industry in the U.S.
The Nvidia spokesperson told Barron’s that the chip maker complies “with all applicable regulations while working to provide products that support thousands of applications across many different industries.”
This is breaking news. Please come back for more updates and analysis.
Write to Angela Palumbo at [email protected]
Read the full article here