Wall Street wrapped up a shortened trading week ahead of the Easter holiday in the red, weighed down by fresh export restrictions on chips to China that sent tech and semiconductor stocks tumbling.
On Tuesday, Nvidia Corp. (NASDAQ:NVDA) revealed it was notified by the Trump administration on April 9 that its H20 AI chip would now require an export license to be sold in China. The company warned that these tighter controls could slash its earnings by $5.5 billion.
Nvidia shares dropped 8.5% this week, erasing nearly half of the previous week’s gains. The broader semiconductor sector – as tracked by the iShares Semiconductor ETF (NASDAQ:SOXX) – followed suit, sliding 3% and logging its seventh …Full story available on Benzinga.com
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