Technology shares climbed on Thursday, buoyed by strong results from Nvidia, despite the AI chip company’s boss issuing a warning about the rise of Chinese rivals. The Stoxx Europe tech index rose by 0.8% on Thursday following Nvidia’s financial report, with the Dutch semiconductor equipment maker ASML rallying by 2.4%. In the US, futures for the tech-focused Nasdaq climbed 2%, and shares in Nvidia itself jumped 6% in pre-market trading. The boost to tech and artificial intelligence stocks came hours after Nvidia beat Wall Street forecasts, with quarterly revenues jumping…
Tag: Nvidia
US chip export controls are a ‘failure’ because they spur Chinese development, Nvidia boss says
US chip exports controls have been a “failure”, the head of Nvidia, Jensen Huang, told a tech forum on Wednesday, as the Chinese government separately slammed US warnings to other countries against using Chinese tech. Successive US administrations have imposed restrictions on the sale of hi-tech AI chips to China, in an effort to curb China’s military advancement and protect US dominance of the AI industry. But Huang told the Computex tech forum in Taipei that the controls had instead spurred on Chinese developers. “The local companies are very, very…
Nvidia’s CEO makes surprise visit to Beijing after US restricts chip sales to China
The chief executive of the American chip maker Nvidia visited Beijing on Thursday, days after the US issued fresh restrictions on sales of the only AI chip it was still allowed to sell to China. Jensen Huang’s surprise visit was on the invitation of a trade organisation, according to a social media account affiliated with state media. The official broadcaster China Central Television said Huang met Ren Hongbin, the head of the China Council for the Promotion of International Trade, where he said he hopes “to continue to cooperate with…