Nvidia, a leading chipmaking giant, saw its stock close down 2.5% on Monday after China launched an antitrust probe into the company. The investigation is also looking into Nvidia’s 2020 acquisition of Mellanox.
The move comes as tensions between the US and China continue to escalate over AI dominance. President Joe Biden’s administration recently launched semiconductor export restrictions aimed at limiting China’s access to US chips.
Other companies affected by the trade tensions include Oracle, which slid 8% in pre-market trading after reporting second-quarter earnings that missed Wall Street expectations. Oracle’s revenue came in below estimates, but growth was seen in its fiscal first quarter.
In contrast, Chinese stocks including JD.com, PDD Holdings, Nio, and Xpeng Inc saw a rise following a statement from an analyst suggesting the country’s economic priorities would focus on boosting domestic demand and consumer spending.
International equipment rental company Ashtead also reported a decline in profits due to local commercial construction market dynamics in the US. The company announced plans to move its primary listing to the US, citing that it is “substantially a US business”.
Source: https://uk.finance.yahoo.com/news/nvidia-oracle-alibaba-tsmc-ashtead-trending-tickers-102659938.html