Another week, another victim of Trump-related uncertainty – AI giant Nvidia.
Shares in the chipmaker tumbled after it said it would take a $5.5 billion (€4.8 billion) charge due to new US export controls on its less powerful H20 chips, widely used by Chinese tech firms.
Nvidia had believed the chips might be exempt from restrictions following a Mar-a-Lago meeting with US president Donald Trump, who was reportedly impressed by the company’s $500 billion US investment plans. The about-turn stunned Nvidia, its Chinese clients, and investors, who had bid up the shares following reports of the meeting.
The shifting policy landscape is a headache for analysts. Morgan Stanley warns markets are hard to navigate given the lack of a clear US trade policy and how often it shifts, while Goldman Sachs CEO David Solomon says near- and longer-term uncertainty makes it difficult for clients to make key decisions.
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As Financial Times columnist Martin Wolf notes, “Xi Jinping’s China now provides more predictability for business than the US” – a damning indictment of the chaos investors now face.
