Nvidia leads $180 billion market rout as shares drop 7% after US chip export ban to China

Semiconductor stocks nosedived on Wednesday as fresh US government restrictions targeting Nvidia’s AI chips for China rattled the technology sector, erasing billions in market value.

$180 billion wiped out as Nvidia, ASML stocks plunge

Nvidia shares slid nearly 7% after announcing it would incur $5.5 billion in charges in its fiscal first quarter due to new licensing requirements on its H20 AI chips destined for China. Dutch chipmaker ASML Holding NV also sank 5.7% after missing order expectations, deepening worries about the semiconductor market’s outlook.