Stocks dropped on Wednesday as investors weighed Nvidia’s severe warning, which put pressure on the global tech industry. 330 points, or 0.4%, were taken off the Dow Jones Industrial Average.
The Nasdaq Composite depreciated 2.3%, while the S&P 500 fell 1.5%. After the chip behemoth announced it would report a $5.5 billion quarterly charge for exporting its H20 graphics processing units to China and other countries, Nvidia’s stock fell 6%.
The company stated in a filing that in order to ship semiconductors from the United States to China, the U.S. government needs a licence.
Source (CNBC)
