"Nvidia's Stock Plummets as China Orders Get Scrapped"
Nvidia's shares dropped nearly 5% to a five-month low after reports that the company may have to cancel up to $5 billion worth of advanced chip orders to China due to new US government restrictions. The orders, scheduled for delivery next year, were for major Chinese technology companies including Alibaba Group, ByteDance, and Baidu. Nvidia's stock has fallen nearly 20% from its record high in August, but the company stated that the new export controls will not have a significant impact in the near term.