Global markets slip as tech firms’ shares hit by fresh AI chip controls

World shares were mostly lower Wednesday as stocks of Nvidia and other technology companies were walloped by tighter US controls on exports of advanced computer chips used for artificial intelligence.

The future for the S&P 500 was down 0.8 per cent while that for the Dow Jones Industrial Average lost 0.3 per cent.

Chip maker Nvidia’s shares fell 5.9 per cent in premarket trading after it said the US had imposed stricter controls on its exports of one of its computer chips designed for use in artificial intelligence. Rival chip maker AMD’s shares dropped 6.7 per cent.