By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Investing > Nvidia, AMD stocks fall on report of new U.S. ban on AI chip exports to China
Investing

Nvidia, AMD stocks fall on report of new U.S. ban on AI chip exports to China

News Room
Last updated: 2023/06/27 at 8:31 PM
By News Room
Share
3 Min Read
SHARE

Shares of Nvidia Corp. and Advanced Micro Devices Inc. slumped in the extended session Tuesday following a report that the Biden administration is considering a new ban on sales of AI chips to China.

Nvidia shares
NVDA,
+3.06%
A fell 3% after hours, following a 3.1% gain to close at $418.76, while AMD shares
AMD,
+2.68%
also fell 3%, after a 2.7% gain in the regular session to close at $110.39.

Late Tuesday, the Wall Street Journal reported the Commerce Department could further block sales of AI chips to China unless U.S. companies first obtain a special license.

The ban would follow upon similar actions last year that threatened $400 million in Nvidia sales, but the company found a workaround in supplying a version of products that avoided the ban.

Read: AMD launches new data-center AI chips, software to go up against Nvidia and Intel

Both Nvidia and AMD have launched new AI chips this year: Nvidia in March and AMD earlier in the month. Last year’s release of Open AI’s ChatGPT generative AI — with billions of dollars invested by Microsoft Corp.
MSFT,
+1.82%
— resulted in an explosion of interest in artificial-intelligence technology, prompting luminaries to herald the technology as the biggest thing in tech since … you name it.

Read: Bill Gates says AI is only the second revolutionary tech advancement in his lifetime

News of the possible ban happened to follow a claim earlier in the day from Baidu Inc.
BIDU,
+3.09%
on the Chinese search company’s blog, which said its Ernie 3.5 version AI outperformed ChatGPT’s earlier version “in comprehensive ability scores,” and its latest iteration, GPT-4, which was released in mid-March, “in several Chinese-language capabilities.”

Baidu’s claim appeared to be based upon performance metrics published in China Science Daily. On Wall Street, ADRs of Baidu were down 0.7% after hours, following a 3.1% gain to close at $143.90.

As of Tuesday’s close, Nvidia shares were up 187% in 2023, and AMD shares were up 70% for the year.

Read: Snowflake adds partnerships with Nvidia and Microsoft for AI double play

Shares of Super Micro Computer Inc.
SMCI,
+4.47%,
which have benefited from AI, also declined 3% after hours, while shares of Intel Corp.
INTC,
+2.28%,
which supplies chips to data centers, saw shares decline 1% after hours.

Read the full article here

News Room June 27, 2023 June 27, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Christine Lagarde discussed leaving ECB early to head WEF, Klaus Schwab says

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Stellantis names Antonio Filosa as chief

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Saudi AI company courts US tech investors and plans $10bn venture fund

Saudi Arabia’s new state-owned artificial intelligence company will seek investment from top…

Elon Musk criticises Donald Trump’s ‘big, beautiful’ tax bill

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

US contractor hires obscure Gaza group for aid rollout after local snubs

A US private military company agreed a deal with a little-known Palestinian…

- Advertisement -
Ad imageAd image

You Might Also Like

Investing

Why Home Builders Are Bouncing Today—and Why Their Stocks Are Good Buys

By News Room
Investing

This Beaten-Down Industrial Stock Wants to Call America Home. Why It’s Time to Buy.

By News Room
Investing

These 8 Dividend Aristocrats Can Protect Your Portfolio in a Downturn

By News Room
Investing

Some Lenders Benefit From SBA’s Troubled Loan Program

By News Room
Investing

Social Security Is in Turmoil. Should You Lock In Benefits Now?

By News Room
Investing

Hims & Hers Stock Is Due for a Crash Diet. The GLP-1 Surge Is Fading Fast.

By News Room
Investing

Opinion: The stock-market selloff isn’t over yet. Here are 4 reasons why.

By News Room
Investing

With Trump’s tariffs paused, ‘Big Three’ automakers may race to build inventories

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?