Nvidia stock hits new 52-week low amid U.S. export ban news

Nvidia stock (NVDA) hit a 52-week low on Thursday after U.S. officials imposed a new license requirement for the company’s AI chip exports to China and Russia.

Shares of the chipmaker plunged more than 10% during the morning session.

Nvidia indicated approximately $400 million in potential sales to China may be impacted by the new license requirement.

“The USG indicated that the new license requirement will address the risk that the covered products may be used in, or diverted to, a ‘military end use’ or ‘military end user’ in China and Russia,” Nvidia’s 8-K filing stated. The company does not sell products to customers in Russia.

The government measure will impact Nvidia’s A100 and H100 integrated chips. In its latest SEC filing, the chipmaker said it obtained some licenses to support U.S customers in China.

Visitors stop by an AI server based on NVIDIA A100 chips at the 2021 Global Artificial Intelligence Technology Conference, June 6, 2021. (Photo: Feature China/Future…

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This article was written by and originally published on finance.yahoo.com