Global chip stocks tumble as Trump’s trade policy clouds outlook for tech giants like Nvidia

Global chip stocks were battered on Wednesday on fresh evidence of how U.S. President Donald Trump’s shifting trade policy was complicating the outlook for semiconductor and computing giants, including AI pioneer Nvidia.

Attempts to reorient global trade through tariffs and export curbs have started to show the effect as Nvidia warned of a $5.5 billion hit after Washington restricted exports of its AI processor tailored for China, while Dutch chip-making tools giant ASML raised doubts about its outlook.