Chip stocks fall as Nvidia, AMD warn of higher costs from China export controls

Nvidia CEO Jensen Huang delivers the keynote for the Nvidia GPU Technology Conference at the SAP Center in San Jose, California, on March 18, 2025. Technology stocks declined Wednesday, led by a 5% drop in Nvidia , as the chipmaking sector signaled that President Donald Trump's sweeping tariff plans could hamper demand and growth. Nvidia revealed in a filing Tuesday that it will take a $5.5 billion charge tied to exporting its H20 graphics processing units to China and other countries and said that the government will require a license to ship the chips there and other destinations. The chip was designed specifically for China use during President Joe Biden's administration to meet U.S. export restrictions barring the sale of advanced AI processors, which totaled an estimated $12 billion to $15 billion in revenue in 2024. Advanced Micro Devices said in a filing Wednesday that the latest export controls on its MI308 products could lead to an $800 million hit. ... Read full article.