Overview

• The U.S. government has implemented new export controls requiring licenses for semiconductor chip shipments to China, impacting companies like Nvidia and AMD.
• Nvidia reported an anticipated $5.5 billion quarterly revenue loss due to restrictions on its H20 AI chips, with its stock dropping nearly 7%.
• Major U.S. indices, including the Nasdaq and S&P 500, fell sharply, driven by declines in semiconductor stocks and broader market concerns.
• Gold prices surged to a record $3,320 per ounce as investors sought safe-haven assets in response to economic and geopolitical uncertainty.
• While tech and semiconductor sectors suffered, mining and transportation companies, such as Newmont and United Airlines, saw gains.