US stocks slump as Nvidia sounds warns of $5.5B charge over new chip export restriction
1. Nvidia faces $5.5 billion in charges due to new export restrictions. 2. New licensing requirements for chip exports to China were announced. 3. Nvidia's shares dropped 5.5% amid these export limitations. 4. Chinese firms may turn to local competitors for chips. 5. US semiconductor costs expected to rise significantly from tariffs.