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Nvidia stock falls after U.S. government restricts chip sales to China

(CNBC Aug. 31, 2022)

Nvidia said on Wednesday that it’s been told by the U.S. government to stop selling chips in China and Russia. The company said it was applying for a license to continue some Chinese exports but doesn’t know whether the U.S. government will grant an exemption. Nvidia shares fell 6.5% in extended trading on Wednesday after the company said the U.S. government is restricting sales in China.

In a filing with the SEC, Nvidia said the U.S. government told the company on Aug. 26, about a new license requirement for future exports to China, including Hong Kong, to reduce the risk that the products may be used by the Chinese military.