Nvidia and chip stocks decline as Biden export rules and jobs report impact tech sector

Nvidia and other chip stocks fell on Friday due to a disappointing jobs report and anticipated export restrictions from the Biden administration. Nvidia's stock dropped nearly 4%, while AMD fell over 5%, and the semiconductor index declined more than 2.5%. The new rules aim to limit exports of AI chips to certain countries, particularly China and Russia. Nvidia's chips are significantly used in China, raising concerns about revenue loss if the company is held accountable for chip sales. Nvidia's leadership criticized the restrictions, claiming they could harm the U.S. economy and benefit adversaries. Industry experts echoed these concerns, warning that the rules might limit market opportunities for U.S. companies and impact the country's leadership in digital technology.