Shares of artificial intelligence chip leader Nvidia closed more than 4% lower on the New York Stock Exchange as the U.S. government is expected to announce new semiconductor-related export restrictions targeting China soon.
Nvidia shares, which account for more than 80% of the AI chip market, closed at $136.02, down 4.18% from the previous trading day, falling below the $140 mark for the first time in 20 days since the 5th.
The market capitalization also fell to $3.331 trillion, giving Apple the top market cap spot again, which rose 1.31% in stock price.
The drop is attributed to news that the Joe Biden administration is set to announce new semiconductor-related trade restrictions targeting 200 Chinese chip companies next week.
The market is worried that Nvidia will be most affected next month as regulations will also be announced to restrict shipments of high-bandwidth memory (HBM) to China to restrict exports of AI semiconductors.
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