Small rival Advanced Micro Devices also sustains big losses
U.S. chip stocks tumbled on Thursday, with the main semiconductor index down more than 3% after Nvidia and Advanced Micro Devices said U.S. officials told them to stop exporting cutting-edge processors for artificial intelligence to China.
As of mid-day, about $40 billion worth of Nvidia’s stock market value had evaporated. The 30 companies making up the Philadelphia semiconductor index lost a combined about $100 billion worth of stock market value.The restricted exports to China of two of Nvidia’s top computing chips for artificial intelligence - the H100 and A100 - could impact $400 million in potential sales to China in its current fiscal quarter, the company warned in a filing on Wednesday.
Washington’s ban signals the intensification of a crackdown on China’s technological development as tensions simmer over the fate of Taiwan, where components designed by most U.S. chip firms are manufactured.
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