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Home Business & Finance

Nvidia stock slides as China launches anti-monopoly probe in AI trade war todayheadline

December 9, 2024
in Business & Finance
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Nvidia stock slides as China launches anti-monopoly probe in AI trade war
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Nvidia shares moved lower in early Monday trading following reports that officials in China have targeted the market’s dominant AI-chip maker in an antitrust probe.

Nvidia  (NVDA) , which generates around 10% of its revenue from China-based customers, has found itself in the middle of an ongoing trade war between Washington and Beijing that continues to target high-tech chipmakers. 

Earlier this month, in fact, the Biden administration issued its third export ban on China-bound exports, citing national security concerns, while officials in Beijing have urged domestic companies to avoid U.S.-made chips that they have deemed “no longer safe” in the current political environment.

The restrictions, which expand upon export rules put in place in 2022 last year, are designed to limit China’s access to “advanced semiconductors that could fuel breakthroughs in artificial intelligence and sophisticated computers that are critical to (Chinese) military applications,” according to U.S. Trade Secretary Gina Raimondo.

Last year, Raimondo told CNBC that “the threat from China is large and growing” with respect to Beijing’s ability to acquire AI technologies that could find their way into the military. 

Nvidia CEO Jensen Huang has said he’ll support U.S. policy on China trade ‘whatever the new administration decides.’

Bloomberg/Getty Images

China ratcheted up that tech trade tension again Monday as the country’s State Administration for Market Regulation launched an investigation into Nvidia tied to allegations it has breached anti-monopoly laws.

The government division said the probe was tied to Nvidia’s $6.9 billion purchase of Mellanox Technologies, which it closed in April 2020.

Nvidia vows to support US trade policy

Nvidia, for its part, has been attempting to maintain its access to the world’s second-largest economy by working around the sanctions the Biden administration put in place last year by retooling three different chips for the China-bound market.

It’s also preparing for potential changes to U.S. trade policy when President-elect Donald Trump takes office in late January. 

Related: Nvidia stock extends November gains as investors bet on 2025 AI dominance

“Whatever the new administration decides, we’ll, of course, support the administration,” Chief Executive Jensen Huang told investors on on a conference call last month. 

More AI Stocks:

  • Analysts update Salesforce stock price targets ahead of earnings
  • Druckenmiller predicted Nvidia’s rally, now has new AI target
  • The 5 biggest takeaways following Nvidia’s earnings

“That’s our highest mandate. And then after that, do the best we can and just as we always do,” he added. “And so, we have to simultaneously and we will comply with any regulation that comes along fully and support our customers to the best of our abilities and to compete in the marketplace.”

Nvidia shares were marked 2.06% lower in premarket trading following news of the China investigation to indicate an opening bell price of $139.55 each.

Related: Veteran fund manager delivers alarming S&P 500 forecast

Tags: antimonopolyChinalaunchesNvidiaprobeslidesStocktodayheadlinetradewar
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