09 December 2024 , 19:50
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A Chinese competition investigation has knocked more than $100bn off the valuation of a US tech giant, as Beijing braces ahead of a second Trump presidency.
Nvidia, the world’s largest chip maker, lost around 3% in early trading on Wall Street after China said the company was suspected of violating its anti-monopoly law.
China’s State Administration for Market Regulation (SAMR) also accused the business of violating commitments it made when it acquired Mellanox Technologies in 2020.
It’s the latest in a series of moves that outlines the trade tensions between Washington and Beijing, with Donald Trump continuing to threaten China with massive tariffs.
The Biden administration blacklisted hundreds of Chinese semiconductor companies just days ago - the third crackdown in as many years on the sector.