U.S.major indices traded lower at midday Wednesday, pressured by sharp declines in tech and semiconductor stocks after Washington tightened chip export restrictions to China.The U.S.government has barred Nvidia Corp.(NASDAQ:NVDA) from selling its H20 chips to China — a move that could wipe out an estimated $5.5 billion from the company's projected quarterly revenue.
Adding to the drag, Dutch chip equipment giant ASML Holding N.V.(NASDAQ:ASML) missed quarterly revenue estimates, sending its shares down 5%.
Advanced Micro Devices Inc.(NASDAQ:AMD) dropped 6% as its MI308 chips fall under the new licensing requirements.
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