Global semiconductor stocks skidded after a summit between President Trump and Chinese leader Xi Jinping concluded without major chip deals or a breakthrough on Nvidia’s sales to the country.
Washington authorized Nvidia to export its H200 chips to China, though Beijing hasn’t formally approved shipments
Expectations of a breakthrough had been building after Nvidia Chief Executive Jensen Huang joined a delegation of high-profile CEOs, including Apple’s Tim Cook and Tesla’s Elon Musk, who traveled to China with Trump. Most Read from The Wall Street Journal Danni Hewson, head of financial analysis at AJ Bell, wrote in market comments that investors were betting on the trip for tangible news that could lift Nvidia’s sales even further. However, U.S.
Trade Representative Jamieson Greer said in an interview with Bloomberg that Nvidia and semiconductors weren’t front and center during the summit. Nvidia shares fell more than 4% Friday, with other semiconductor stocks like Intel and Advanced Micro Devices down 6% and 4%, respectively. In Asia, shares of South Korean memory-chip maker SK Hynix—which supplies Nvidia—closed 7.7% lower.