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Fortune

David Meyer

Nvidia shares fall and its Chinese rivals soar after Beijing urges AI companies to look elsewhere for chips

Nvidia Beijing China ByteDance Huawei

(Credit: Chip Somodevilla—Getty Images)

Nvidia’s share price has taken a knock, and its Chinese chipmaking rivals have soared, after Beijing reportedly discouraged Chinese AI companies from buying Nvidia’s chips.

Bloomberg reported on Friday that Chinese regulators had issued guidance steering AI firms away from Nvidia’s H20 chips. These aren’t Nvidia’s most cutting-edge AI chips, but they’re the most powerful that the company can sell to China under U.S. export restrictions that aim to hold back China in the AI race.

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