Nvidia Eyes Worst Day In 2023: Stock Falls Below 50-Day Average Amid China AI Chip Export Crackdown
Portfolio Pulse from Piero Cingari
NVIDIA Corp. (NASDAQ:NVDA) stock fell by 6% in the first half-hour of the New York trading session on Wednesday, marking its most significant single-day drop since December 2022. The drop comes after the Biden administration announced plans to halt the export of advanced AI chips, including those developed by Nvidia, to China. This move will effectively stop the sales of Nvidia’s A800 and H800 chips in the Chinese market.
October 17, 2023 | 2:57 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
NVIDIA's stock price fell significantly due to the US government's decision to halt the export of advanced AI chips to China. This will affect the sales of Nvidia’s A800 and H800 chips in the Chinese market.
The US government's decision to halt the export of advanced AI chips to China directly impacts NVIDIA as it will stop the sales of Nvidia’s A800 and H800 chips in the Chinese market. This has led to a significant drop in NVIDIA's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100