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WATCH: Chinese AI Firms Slump on Report of US Chip Export Curbs
Tech sinks on the prospect of more China curbs, Biden thinks the US may escape a recession and FOMO is making stock bears reluctant bulls. — Liza Tetley
US semiconductor chip company Nvidia led declines in tech stocks after reports that the Biden administration is considering more curbs on chip exports to China. The firm, which gets around a fifth of its revenue from the country, developed less powerful chips to circumvent existing licensing thresholds for export to China, but Washington is reportedly now weighing closing those loopholes as soon as next month. Meanwhile, competition in AI between the two countries is ramping up, with Chinese tech companies seeking to compete with US industry titans like Google and Microsoft.