Nvidia, AMD fall premarket on new US export rules

Thursday, 01. September 2022 12:24

Nvidia Corporation's shares were down 5% in premarket trade on Thursday after the company revealed in a Securities and Exchange Commission filing that the United States government told the company it will need to obtain a license from US authorities to export its A100 and upcoming H100 integrated circuits to Russia and China, including Hong Kong.

Washington told Nvidia it is concerned about the potential foreign military use of those products. The chipmaker said its "outlook for its third fiscal quarter provided on August 24, 2022 included approximately $400 million in potential sales to China which may be subject to the new license requirement." Nvidia dropped 5.66% at 6:18 am ET.

Advanced Micro Devices Inc., which is reportedly likely to face similar measures by the US government, fell 3.68% a minute later.

Related Links: Advanced Micro Devices Inc.NVIDIA Corporation
Author:
Baha Breaking News (BBN) / MS