China's tech titans scramble to buy $5 billion of Nvidia chips as US bans investment in key Chinese sectors, report says
on US investment in sensitive Chinese technologies such as artificial intelligence, semiconductors, and quantum computing. Its aim is to reduce the Chinese military's access to American technology and dollars.
Alibaba, Tencent, Baidu, and TikTok-owner Bytedance have ordered $1 billion worth of processors to be delivered this year, and another $4 billion worth to be delivered in 2024, the FT said, citing multiple people familiar with the matter. The White House justified its latest ban on national-security grounds, as China could use American tech to develop cutting-edge weapons, codebreaking tools, and other potential threats to the US.
"This is blatant economic coercion and technological bullying," the Chinese foreign ministry responded in a statementNvidia's stock has roughly tripled in price this year, as investors wager its sought-after chips will play a key role in powering the AI revolution. The graphics-chip specialist is theBiden's ban threatens to deal a fresh blow to China's ailing economy, which has been hit by faltering growth, soaring youth unemployment, and onerous amounts of debt.
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