Global tech shares tailspin as Nvidia hit by US curbs on chip sales to China

Global shares fell on Wednesday, with gold trading at record highs and the dollar languishing, as US restrictions on chip sales to China and continued tariff uncertainty battered tech stocks.

Washington issued new export licensing requirements for sales of Nvidia’s H20 and AMD’s MI308 artificial intelligence chips to China. Nvidia said the move would cost it $5.5 billion, and its shares slumped 5.5% in morning trading. “This disclosure is a clear sign that Nvidia now has massive restrictions and hurdles in selling to China,” said Daniel Ives, analyst at Wedbush Securities.