: Nvidia sees no ‘immediate material impact’ from wider China AI chip ban near term

Nvidia Corp. NVDA Chief Financial Officer Collette Kress said Thursday that she does not expect an “immediate material impact” from any extension of U.S. AI chip export bans to China. Longer term, the Nvidia CFO said that if the U.S. escalates the ban, it will result in a “permanent loss of opportunities” globally. Nvidia shares were down 0.6% in recent activity, while the S&P 500 index SPX was up 0.1%. Late Wednesday, shares of Nvidia and Advanced Micro Devices Inc. AMD slid after hours following a report the Biden administration may widen the export ban.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.