Why tech stocks suffered their biggest selloff in years
Fortune · Andrew Nusca ·
In today's edition: Apple, Google, IREN, Meta, Microsoft, Nebius, Nintendo, Nscale, Nvidia, OpenAI, Sony, TikTok, Uranium Digital.
Good morning. While we’re all distracted by U.S. domestic politics, the nation’s international trade stance remains…complicated!
A new report from Reuters says that about 600,000 of Nvidia’s H200 chips—those would be the Hopper-architecture AI accelerators cleared for sale to China, rather than the company’s current flagship Blackwell GPUs—are sitting in Hong Kong waiting to cross the border into mainland China.
It’s not for lack of demand. Beijing, keen to support its domestic semiconductor industry, refuses to approve large-scale imports by its big internet companies. (Officials have reportedly allowed smaller imports, to the tune of about 10,000 chips.)