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U.S. stocks slid sharply Wednesday after Nvidia warned that new U.S. export restrictions on chips to China could slash billions from its revenue, deepening investor anxiety over the broader economic fallout of President Donald Trump’s ongoing trade war.
The S&P 500 fell 2.2% after earlier plunging as much as 3.3%. The Nasdaq dropped 3.1%, leading market losses, while the Dow Jones Industrial Average closed down 699 points, or 1.7%.
Nvidia shares dropped 6.9% after the company revealed U.S. officials had restricted the export of its H20 chips to China, citing national security concerns. The company said the move could impact first-quarter results by as much as $5.5 billion due to inventory and purchase-related charges.
AMD reported a potential hit of up to $800 million from similar restrictions on its chip exports to China, sending its shares down 7.3%. Companies across various sectors are voicing concerns about trade uncertainty clouding economic forecasts for the rest of the year, with analysts warning of increased volatility ahead.
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