Biden Takes Another Step In Artificial Intelligence War With China As AI Frenzy Continues
Portfolio Pulse from The Arora Report
President Biden is set to impose new restrictions on the export of artificial intelligence chips to China, impacting stocks of Chinese AI companies and US companies like NVIDIA and AMD. The news has led to a 3.5% drop in NVIDIA's stock and a 3% drop in AMD's stock. Despite the AI frenzy, AMD's stock has lost about 20% from its peak. The 'magnificent seven' (Apple, Amazon, Alphabet, Meta Platforms, Microsoft, Nvidia, and Tesla) continue to perform and are responsible for a majority of the stock market gain in 2023.
June 28, 2023 | 3:12 pm
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NEGATIVE IMPACT
AMD's stock has dropped about 3% following the news of new restrictions on AI chip exports to China. Despite the ongoing AI frenzy, the stock has lost about 20% from its peak.
The new restrictions on AI chip exports to China directly impact AMD, leading to a drop in its stock. Despite the ongoing interest in AI, the company's stock has not performed well, losing about 20% from its peak.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Stocks of Chinese AI companies like Alibaba are down following the news of new restrictions on AI chip exports to China.
The new restrictions on AI chip exports to China directly impact Chinese AI companies like Alibaba, leading to a drop in their stocks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
NVIDIA's stock has dropped about 3.5% following the news of new restrictions on AI chip exports to China.
The new restrictions on AI chip exports to China directly impact NVIDIA, leading to a drop in its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100