Bloomberg Intelligence Chipmakers Lead Tech Stock Rout as Trump Curbs Exports to China
Apr 16, 2025
The podcast dives into the fallout from new U.S. export restrictions on semiconductor companies, notably affecting Nvidia and AMD as they face significant financial repercussions. There’s a lively discussion about how these trade tensions with China impact the global tech landscape. The episode also addresses Harvard's legal confrontation with the Trump administration over a funding freeze. Additionally, the economic effects of tariffs are explored, highlighting Congress's concerns about potential job losses and their implications for future elections.
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NVIDIA's $5.5B China Export Hit
- NVIDIA faces a $5.5 billion charge due to export restrictions of its H20 chips to China under new licensing.
- These chip curbs may significantly reduce NVIDIA's revenue and challenge consensus growth expectations for 2024.
ASML's Role in Tech Cold War
- ASML is a key semiconductor equipment supplier whose sales to China could influence the tech cold war.
- If equipment to build chips isn't restricted, China might develop competitive fabs independent of US chipmakers.
US Retail Sales Amid Tariff Risks
- US retail sales rose strongly in March, driven by cars and electronics, showing stable consumer demand despite tariff risks.
- However, consumer outlook remains volatile, with many companies facing greater uncertainty than during the pandemic.