AI chips companies saw share prices fall Tuesday after the U.S. announced new restrictions on chip exports to China.
Nvidia and a number of other AI chip companies saw their shares fall Tuesday morning due to new U.S. export restrictions to China.Nvidia has said the company does not expect an immediate material financial hit; however, it does expect a long-term dip in sales.Shares of chip stocks have boomed in the last year due to the increased demand for AI products and services, which is powered by AI chips.
The new restrictions on exports to China are a step up from previously announced restrictions on AI chips that the Biden administration had implemented over the last year. The new restrictions ban the sale of the slowed-down version of Nvidia chips, the H800 and A800, that were allowed to be exported to China under the old restrictions.
"The updates are specifically designed to control access to computing power, which will significantly slow the PRC's development of next-generation frontier model, and could be leveraged in ways that threaten the U.S. and our allies, especially because they could be used for military uses and modernization," U.S. Commerce Secretary Gina Raimondo said on a call with reporters.
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