Its gaming revenues plunged 33% YoY and reached $2.04 billion, with the demand for gaming hardware falling sharply this year. However, its adjusted EPS of $0.51 was way below the $1.26 that analysts were expecting. Nvidia posted revenues of $6.7 billion in the fiscal second quarter of 2023, in line with its guidance as well as analysts’ estimates.

Semiconductor Sales Have Been Tepid in 2022 There is, meanwhile, an oversupply of chips that are used in gadgets and the results are visible in Nvidia’s earnings. The Covid-19 pandemic exposed the vulnerabilities of the US supply chain and even now, the US automotive industry is suffering from the chip shortage.

Meanwhile, Biden’s decision to halt sales of advanced chips to China over national security concerns has rattled China.Ĭommerce Secretary Gina Raimondo said this week: “We’re going to be implementing the guardrails to ensure those who receive CHIPS funds cannot compromise national security… They’re not allowed to use this money to invest in China they can’t develop leading-edge technologies in China… for a period of 10 years.”īiden has signed the CHIPS Act which seeks to spur semiconductor manufacturing capacity in the US. US-China Tech War hits Nvidiaīiden was also reportedly looking to ease the China tariffs in a bid to lower US inflation and, contrary to the claims made by Trump, the tariffs are largely borne by US consumers. US-China trade tensions reached their peak in 2018 under then-President Donald Trump, who imposed tariffs on billions of dollars of Chinese goods – President Joe Biden is seemingly taking a more reconciliatory tone towards China, at least when it comes to trade relations. technology in the context of its military-civil fusion program to fuel its military modernization efforts, conduct human rights abuses, and enable other malign activities.” The Commerce Department is reviewing policies aimed to prevent, “China’s acquisition and use of U.S. The US-China tech war has escalated in recent weeks and at the beginning of September the US barred AMD and Nvidia from selling some chips to China. The Biden administration is reportedly looking to enhance the restrictions on tech exports to China and may mandate that companies like Applied Materials, LAM Research, and KLA seek prior approval from the Commerce Department before selling any chipmaking equipment to China.

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