Chips stocks aren’t doing so hot on Thursday after the U.S. reportedly introduced new bans on sales to China and Russia.
This ban keeps chipmakers from selling certain types of products to China and Russia. Why? The idea here is that types of chips included in the ban could be used by the militaries of those countries. The U.S. doesn’t want that to happen.
Nvidia (NASDAQ:NVDA) spoke about the matter in a filing with the U.S. Securities and Exchange Commission (SEC). The chipmaker warns that this ban will result in it losing $400 million in sales to China in its current quarter. The company also says it has no customers in Russia affected by this ban.
News of the ban is causing several chip stocks to take a beating on Thursday. Let’s take a look at how bad the damage is below.
Why Chip Stocks Are Down Today
- Nvidia starts us off with the company’s stock falling more than 11% as of Thursday afternoon.
- Advanced Micro Devices (NASDAQ:AMD) stock is next; shares are taking a 7% beating as of this writing.
- Intel (NASDAQ:INTC) closes out our list of falling chip stocks falling, dropping nearly 2% as of Thursday afternoon.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the latest stock market coverage that traders need to know about for Thursday! A few examples include why shares of Polestar (NASDAQ:PSNY) stock are falling, mortgage rate discussions and what’s going on with MicroStrategy (NASDAQ:MSTR) stock. You can read all about these matters at the links below!
More Thursday Stock Market News
- Why Is Polestar (PSNY) Stock Down Today?
- Will Mortgage Rates Drop in 2023?
- Michael Saylor Tax Evasion Lawsuit Stunts MicroStrategy (MSTR) Stock
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.