Nvidia Corp's (NASDAQ:NVDA) China headache is turning into a full-blown migraine—and it's not just over one thing. On one front, Beijing is tightening the screws with an antitrust probe. On the other, policy whiplash from Washington has turned Nvidia into a bargaining chip in a larger geopolitical game. Together, they're creating the kind of uncertainty markets hate and rivals love.
China's market regulator said a preliminary investigation found Nvidia violated the country's anti-monopoly law, tied to commitments made when Beijing conditionally approved its 2020 Mellanox acquisition. The watchdog says the probe will continue. For a company that generated about 13% of revenue in China in the last fiscal year, that's not a footnote—it's material exposure under threat.
