Stock market data and Nvidia's stock performance tracking

China Tells Local Tech Firms to Cut Nvidia Chip Purchases, Boosts Domestic Production

May 13, 2024, 01:04 PM

Chinese regulators have instructed local technology firms to reduce their purchases of Nvidia chips, according to multiple reports. This directive is part of a broader push by Chinese authorities to encourage the use of domestically produced chips. Companies such as ByteDance, Tencent, Alibaba, and Baidu have been specifically asked to cut back on Nvidia purchases. This move has caused a noticeable drop in Nvidia's stock price.