The news sent semiconductor stocks lower, with shares of Nvidia falling more than 3%. The White House has already implemented curbs on what kind of chips can be sold to China. For example, Nvidia is unable to sell China its most advanced H100 GPU chipset, and has instead had to sell the country less capable chips like the A100.
President Joe Biden is scheduled to give a speech in Chicago today that will talk up the economy and likelyas the job market remains resilient and inflation continues to ease. "It's [recession] been coming for 11 months, well guess what? I don't think it is going to come," Biden said during a fundraiser Tuesday night.
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