U.S. Officials Order Nvidia to Halt Sales of Top AI Chips to China
Bellwether semiconductor bluechip Nvidia Corp (NVDA) said on Wednesday that U.S. officials told it to stop exporting two top computing chips for artificial intelligence work to China, a move that could cripple Chinese firms' ability to carry out advanced work like image recognition and hamper Nvidia's business in the country.
The announcement signals a major escalation of the U.S. crackdown on China's technological capabilities as tensions bubble over the fate of Taiwan, where chips for Nvidia and almost every other major chip firm are manufactured.
Nvidia shares fell 6.6% after hours. The company said the ban, which affects its A100 and H100 chips designed to speed up machine learning tasks, could interfere with completion of developing the H100, the flagship chip it announced this year.
Shares of rival Advanced Micro Devices Inc (AMD.O) fell 3.7% after hours. An AMD spokesman told Reuters it had received new license requirements that will stop its MI250 artificial intelligence chips from being exported to China but it believes its MI100 chips will not be affected. AMD said it does not believe the new rules will have a material impact on its business.
EU Energy Shock: Soaring Energy Prices Provoke Growing Anger across Europe
The European Union is bracing for a recession in the wake of skyrocketing gas prices and soaring inflation, as the coming winter is likely to be "one of the worst in history," according to a top EU official.
Starbucks Stock Shows Relative Strength To S&P 500
Starbucks was working to print a bullish kicker candlestick, which could indicate higher prices.
Scholz Promises 65B Euros to Shield Germans Through Tough Winter
Germany will spend at least 65 billion euros ($64.7 billion) on shielding customers and businesses from soaring inflation, Chancellor Olaf Scholz said on Sunday, two days after Russia announced it was suspending some gas deliveries indefinitely.
