US Premarket Tracking: Nvidia Falls 1.15% Following Nvidia Executive’s Criticism of Reported US Export Plan

 

On Thursday (Jan. 9), Nvidia $NVDA criticized the reported Biden administration's plan to restrain exports of AI chips, highlighting that Biden should not have imposed the policy at the last minute.

 

Nvidia Vice President Ned Finkel stated in an email that NVIDIA did not want President Biden to enact a policy that would only hurt the US economy and give US rivals a chance to surpass US supremacy.

 

Reuters reported in December that the US Commerce Department planned to authorize global exports of AI chips and prevent unfavorable groups from obtaining them. The prevention is aimed at curbing AI's aid to China's military capabilities.

 

Bloomberg News reported on Thursday that new export rules would prohibit some rivals from importing US chips and limit the computing power of various countries.

 

Finkle warned that the computing power restrictions would lead to a worldwide quest for alternatives to computing power technology.

 

Finkle concluded that the Biden administration's last-minute plan would draw criticism from US industry and the international community.

 

The Information Technology Industry Council also echoed that the policy would limit the power of US companies to sell computer systems abroad and give opponents the global marketplace.

 

 

#aichip #usmarket