Tech stocks led a Wall Street sell-off on Wednesday after chipmaker Nvidia revealed that new US controls on sales to China would wipe billions of dollars from its earnings, dragging its peers sharply lower.
The Philadelphia Semiconductor index fell 4.1 per cent, taking its loss for the year to more than 24 per cent. All 30 of its constituent stocks fell.
Nvidia was hardest hit, down 6.9 per cent, after it said in a filing late on Tuesday that the Trump administration’s plans to clamp down on the company’s sales of its H20 chip to China would dent earnings by about $5.5bn.
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