JUST IN: China restricts companies from purchasing Nvidia AI chips 🔴
🇨🇳 Major firms like ByteDance and Alibaba are reportedly blocked from using Nvidia’s advanced chips.
🇺🇸 This move follows U.S. export controls that already forced Nvidia to write off $5.5B, with potential total losses reaching $15B.
⚠️ Nvidia’s CEO cautioned that restrictions could boost China’s domestic chipmakers, such as Huawei, while U.S. companies risk losing market share.
📉 Nvidia’s stock dropped on the news, reflecting rising U.S.-China tech tensions and the impact of lost sales in a critical market.
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