Nvidia shares drop to 5-month-low after report of canceled China orders

A Nvidia spokesperson says there is 'high demand' for its advanced chips and it is working to allocate orders to its 'wide range of customers' in the US and elsewhere

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Nvidia was notified last week that AI chip orders scheduled for delivery next year to major Chinese technology companies, including Alibaba Group, TikTok owner-ByteDance, and Baidu, are subject to the latest export restrictions announced by the US Commerce Department, according to a Wall Street Journal report citing people familiar with the matter.

“Previously, Nvidia has said this is not going to have a short-term impact but it’s more in the long term. We still expect a pretty strong quarter and think it’s a great long-term holding, although we are not adding any new positions because of the volatility,” Plumb added.

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