Four men have been indicted on federal criminal charges for allegedly planning a scheme to illegally export millions of dollars worth of restricted Nvidia chips to China and Hong Kong, bypassing strict US export controls designed to limit access to advanced AI and supercomputing technology, a report has said. Citing court documents, CNBC reported that…
Global stock markets sold off sharply this morning as investors continued to question whether the ‘Magnificent 7’ tech companies have fueled an unsustainable bubble in AI. The selling is brutal. Nasdaq 100 futures were down 0.36% this morning after losing 2.38% yesterday. S&P 500 futures were flat but volatile this morning, and the VIX volatility…
Global financial markets are nervous. We know this because Wall Street’s fear index, the VIX, surged 12 per cent overnight to 26 points. Tech rally fizzles out Wall Street investors have been on a rollercoaster ride overnight, with an early tech rally on Nvidia’s results soon replaced by a big sell-off, and the ASX set…
Federal authorities arrested four men for shipping contraband Nvidia chips, which are critical components for artificial intelligence companies. The men allegedly created an elaborate smuggling network that saw the chips shipped from Alabama through Malaysia and Thailand, and eventually to recipients in China, the Department of Justice announced on Thursday. The accused men failed to…
Two Chinese nationals and two Americans have been arrested for allegedly illegally exporting cutting-edge Nvidia chips with artificial intelligence applications to China, the Justice Department said Thursday. The two Chinese nationals are Cham Li, 38, residing in California, and Jing Chen, 45, who is on an F-1 nonimmigrant student visa and resides in Tampa, Florida,…
The stock market’s early rally fizzled by the afternoon, with the S&P 500 swinging from a nearly 2% gain to a slight selloff by midday. Nvidia, which initially jumped after reporting strong earnings, reversed 1% into the red along with the rest of the megacap AI trade. The broader market mood wasn’t helped by mixed…
Federal prosecutors have charged four people with illegally smuggling Nvidia GPUs and HP supercomputers with Nvidia GPUs from the US to China, according to a court filing spotted by Court Watch. The US government has placed restrictions that prevent Nvidia from selling its most powerful chips for AI training to China, but Chinese companies like…
By Rashika Singh and Rae Wee (Reuters) -Global technology shares rallied on Thursday after Nvidia‘s blow-out quarterly results signalled that demand for artificial intelligence hardware remains strong even as analysts caution the boom may be outpacing fundamentals. The chip bellwether’s stellar results tempered some concerns over a potential AI bubble, although questions lingered around the…
It’s getting frothy out there. Pick any stock market metric, whether it’s the Nasdaq’s closing price or a more technical measure like the Shiller P/E ratio, and the number will look unusually large. Throw in crazy AI valuations, for privately held startups and publicly traded stocks alike, and what we’re seeing looks a lot like…
US stock futures climbed Wednesday evening as Wall Street reacted to Nvidia’s (NVDA) earnings report in a move that helped rekindle broader AI trade by stemming bubble fears, at least for now. Futures tied to the tech-heavy Nasdaq (NQ=F) led the way higher, rising 1.7%. Futures tied to the S&P 500 (ES=F) were up 1.2%….