Nvidia is facing a significant financial setback due to a $5.5 billion writedown, attributed to new U.S. trade restrictions on its H20 AI chips. The changes require Nvidia to obtain licenses for exporting these chips, which are crucial for Chinese supercomputing technologies. Alongside Nvidia, Advanced Micro Devices is also reporting a substantial $800 million writedown related to its MI380 chips. This news has negatively impacted the SPDR S&P 500 ETF Trust, causing a 1% drop in its shares in morning trading, highlighting the broader market reaction to tech sector challenges.
Nvidia announced a substantial $5.5 billion writedown due to new U.S. export restrictions on its H20 AI chips, impacting the SPDR S&P 500 ETF Trust negatively.
The export restrictions imposed by the U.S. government force Nvidia to obtain a license for its H20 chips, impacting its financials and stock performance.
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