By George Glover
Nvidia stock is in the red for a second straight day.
After a nearly 7% drop on Wednesday, shares are down another 3.6% in Thursday trading. Nvidia stock's two-day slide comes after the chip maker said the U.S. would now require a license to export some of its chips to China. As a result, Nvidia will take a $5.5 billion charge in the current quarter for canceled sales.
At roughly $100.80, shares are down 32% from their closing high of $149.43 set on Jan. 6, according to Dow Jones Market Data. Nvidia, the third-largest company by market capitalization, shed $188 billion in market value on Wednesday.
Nvidia's stock drop was deeper than the broader chip sector. The iShares Semiconductor exchange-traded fund was down 0.8%.
Taiwan Semiconductor Manufacturing Co.'s results, reported earlier this morning, boosted shares of the Taiwanese chip maker. CFO Wendell Huang said that demand for its products outside of China "is still really strong."
Write to George Glover at george.glover@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
April 17, 2025 10:52 ET (14:52 GMT)
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