Why Nvidia Stock Dropped on Tuesday Morning
Shares of semiconductor star Nvidia Corporation (NASDAQ: NVDA) slipped 2.1% through 11 a.m. ET on Tuesday after The Wall Street Journal reported that the company could lose as much as $5 billion in sales of semiconductor chips to China.
New U.S. export controls on the export of advanced technology to the People's Republic are to blame.
As the Journal explains, Nvidia has already completed 2023's scheduled deliveries to China of advanced semiconductor chips for use in artificial intelligence. New restrictions on tech exports to China come into effect in mid-November, however, and Nvidia had hoped to squeak past the export ban by shipping some $5 billion worth of chips, previously scheduled to be delivered in 2024, early -- before the rules come into force in a couple weeks -- to AI customers including TikTok owner Bytedance, Baidu.com, and Alibaba Group.
Source Fool.com
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