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

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. Combined, the two giants shed more than $180 billion in value, contributing to a 1.8% drop in the Nasdaq 100 and a 4% fall in the Philadelphia Semiconductor Index.