US Stock Market Move | NVIDIA Corporation (NVDA.US) fell more than 5% as the company faces $5.5 billion in charges for its H20 chips due to US export restrictions.

On Wednesday, NVIDIA Corporation (NVDA.US) fell over 5%, closing at 106.11 USD. In terms of news, on April 15, local time, NVIDIA Corporation released an 8-K filing stating that the company had recently received a notification from the U.S. government that exporting H20 chips and chips with certain memory and interconnect bandwidths to countries and regions such as China requires a license. Due to restrictions on exporting H20 chips to China imposed by the U.S. government, the company stated that it will incur approximately 5.5 billion USD in expenses in the first quarter of the current fiscal year, which are related to "inventory, purchase commitments, and related reserves" for the H20 series chips.