Easy come, easy go.
Shares of AI superstar Nvidia (NASDAQ: NVDA) stock touched a new all-time high on Thursday after reports from the Trump-Xi summit in China confirmed the U.S. will permit Nvidia to sell H200 artificial intelligence chips to as many as 10 Chinese companies
Now new reports are filtering out — and according to these, despite receiving permission to sell, no actual sales of H200 chips were made. Nvidia stock dropped 4% through 10:05 a.m. ET on the news.
No news is bad news in China WSJ broke the story this morning, quoting President Trump saying that the Chinese companies did not buy Nvidia’s chips “because they chose not to. They want to try and develop their own.” What’s more — and perhaps more to the point — Chinese authorities are reported to have not “authorized” the companies to buy Nvidia’s chips. Granted, this may just be posturing on China’s part.