India, April 16 -- Shares of Nvidia Corp. were losing around 6 percent in early morning trade on Wednesday on the Nasdaq, after the artificial intelligence chipmaker said that it would take $5.5 billion in charges after the U.S. government barred exports of its H20 AI chip to China, a key market.
Amid the escalating U.S. -China trade war, the Trump administration said it would require new licensing requirements for exports to China of Nvidia's H20, one of its most popular AI chips. A U.S. Commerce Department spokesperson reportedly said, "The Commerce Department is committed to acting on the President's directive to safeguard our national and economic security."
The news comes after Nvidia on Monday announced its commitment to manufacture...