DIRS.INFO The most relevant business & tech news

☆ Huawei: US revokes some export licenses for selling semiconductors to Chinese company
▼ + stars: | 2024-05-08 | by ( ) edition.cnn.com time to read: +4 min

A fourth person said some of the companies were notified on Tuesday that their licenses were revoked effective immediately. The U.S. Commerce Department earlier in the day confirmed it had revoked some licenses but stopped short of naming the companies. “We have revoked certain licenses for exports to Huawei,” the Commerce Department said in a statement, declining to specify which ones it had withdrawn. The move could hurt Huawei, which still relies on Intel chips to power its laptops, and could hurt US suppliers that do business with the company. In a regulatory filing earlier this month, Qualcomm said it did not expect to receive more chip revenue from Huawei beyond this year.

Persons: Biden, Elise Stefanik, Trump, Critics, SMIC Organizations: Singapore Reuters, Intel, Qualcomm, Huawei Technologies, U.S . Commerce Department, Huawei, Republican, Commerce Department, “, Reuters, US Locations: Washington, Singapore, United States, Republican China, American, Communist, Qualcomm’s

☆ China acquired recently banned Nvidia chips in Super Micro, Dell servers, tenders show
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: +5 min

Specifically, the servers contained some of Nvidia's most advanced chips, according to the previously unreported tenders fulfilled between Nov. 20 and Feb. 28. While the U.S. bars Nvidia and its partners from selling advanced chips to China, including via third parties, the sale and purchase of the chips are not illegal in China. Contacted by Reuters, Nvidia said the tenders specify products that were exported and widely available before the restrictions. Daniel Gerkin, a Washington-based partner at law firm Kirkland & Ellis, said Nvidia chips could have been diverted to China without a manufacturer's knowledge, given a lack of visibility into downstream supply chains. It did not respond to subsequent questions about tenders that identified its products as a source of banned Nvidia chips.

Persons: Wong Yu Liang, Daniel Gerkin, Kirkland, Ellis, Clare Locke, Gigabyte Organizations: Nvidia, Getty, Super Micro Computer Inc, Dell Technologies Inc, Gigabyte Technology, Reuters, Chinese Academy of Sciences, Shandong Artificial Intelligence, Hubei Earthquake Administration, U.S, U.S . Commerce Department, Industry, Security, Super Micro, Dell Locations: China, U.S, Shandong, Hubei, Southwest, Heilongjiang, Washington

NEW YORK (AP) — A federal judge in Texas has ordered a 55-year-old U.S. agency that caters to minority-owned businesses to serve people regardless of race, siding with white business owners who claimed the program discriminated against them. The agency, which helps minority-owned businesses obtain financing and government contracts, now operates in 33 states and Puerto Rico. Justice Department lawyers representing Minority Business Development Agency declined to comment on the ruling, which can be appealed to the conservative-leaning 5th U.S. John F. Robinson, president of the National Minority Business Council, said the ruling is “a blow against minority owned businesses," and does nothing to help majority-owned businesses because they already enjoy access to federal resources through the Small Business Administration. "It has the potential of damaging the whole minority business sector because there will be less service available to minority-owned businesses,” Robinson said.

Persons: Mark T, Pittman, Donald Trump, Nixon, Biden, ” Pittman, Dan Lennington, ” Lennington, John F, Robinson, ” Robinson, Arian Simone, Alphonso David, David, Stanley Goldfarb, ”, “, —, David Glasgow, Graham Lee Brewer, Haleluya Hadero Organizations: —, U.S, Northern, Northern District of, U.S . Commerce Department, Infrastructure Investment, Jobs, Black, Wisconsin Institute for Law & Liberty, Justice Department, Business, Agency, Circuit, National Minority Business Council, Small Business Administration, Economic, Pfizer, The, Appeals, American Alliance for Equal Rights, Meltzer Center for Diversity, New York University’s School of Law, Supreme, AP Locations: Texas, Northern District, Northern District of Texas, Puerto Rico, New Orleans, Tennessee, Atlanta, The New York, Florida, New

☆ First Solar CEO says tariff exemptions threaten U.S. efforts to ramp up domestic solar manufacturing
▼ + stars: | 2024-03-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Megan Jelinger | ReutersA flood of foreign solar components threatens efforts to build a domestic manufacturing base in the U.S. to support the clean energy transition, according to First Solar CEO Mark Widmar. A common type of solar panel used in the U.S. is excluded from Section 201 tariffs designed to protect domestic solar manufacturing, and a moratorium on tariffs against solar components imported from several Southeast Asian nations is in place. Biden vetoed legislation last spring that would have imposed tariffs on solar components from Cambodia, Malaysia and Thailand. "What this is doing is it's not allowing these domestic companies to scale," Widmar said. The company has intentionally overbooked to provide a buffer against the volatility in the solar market, he said.

Persons: Megan Jelinger, Mark Widmar, Widmar, Biden, Trump, Joe Biden, wasn't Organizations: Reuters, Solar, CNBC, U.S . Commerce Department, Commerce Locations: Perrysburg , Ohio, U.S, Cambodia, Malaysia, Thailand, Vietnam

☆ U.S. says to investigate national security data risks from Chinese vehicles
▼ + stars: | 2024-02-29 | by ( ) www.cnbc.com time to read: +4 min

The U.S. Commerce Department probe is because Chinese assembled smart vehicles could collect sensitive data about U.S. citizens and infrastructure and send the data to China, the White House said. "China's policies could flood our market with its vehicles, posing risks to our national security," President Joe Biden said in a statement. Commerce Secretary Gina Raimondo said the administration was taking action "before Chinese manufactured vehicles become widespread in the United States and potentially threaten our privacy and national security." The White House also said vehicles could "be piloted or disabled remotely" and added the investigation will also look at autonomous vehicles. The Commerce Department will seek comments for 60 days on the potential risks of Chinese connected vehicles and then consider drafting regulations to address concerns.

Persons: Joe Biden, I'm, Biden, Gina Raimondo, Raimondo Organizations: U.S . Commerce Department, Commerce Department, Embassy, The Commerce Department, United, Huawei, U.S Locations: United States, China, Asia, East, Europe, U.S, Mexico, Washington

☆ Oil prices roughly flat as unclear demand scenario weighed
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. The U.S. Commerce Department report showed retail sales dropped 0.8% in January, the biggest fall since February 2023. Economists polled by Reuters had forecast retail sales dipping 0.1%. OPEC on Tuesday stuck to its much steeper growth forecast at 2.25 million bpd.

Persons: Hiroyuki Kikukawa Organizations: Brent, . West Texas, Reserve, U.S . Commerce Department, Reuters, NS, Nissan Securities, International Energy Agency, Organization of, Petroleum Locations: U.S, Paris, East, Lebanon, Gaza

☆ Cloudflare stock jumps 21% on earnings beat as the company wins larger deals
▼ + stars: | 2024-02-08 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

The company's net loss of $27.9 million, or 8 cents per share, narrowed from $45.9 million in the year-ago quarter. On a conference call with analysts, Prince mentioned business from the U.S. Commerce Department. Analysts surveyed by LSEG had expected 12 cents per share in adjusted earnings and revenue of $372.3 million. The company sees 58 cents to 59 cents in adjusted earnings per share and revenue from $1.648 billion to $1.652 billion. Analysts polled by LSEG were looking for 56 cents in adjusted earnings per share and $1.652 billion in revenue.

Persons: Matthew Prince, David Paul Morris, Cloudflare's, Cloudflare, Prince, Mark Anderson, Marc Boroditsky, Michelle Zatlyn wouldn't, LSEG Organizations: Cloudflare Inc, Bloomberg, Getty, LSEG, U.S . Commerce Department, Clearlake Capital, Insight Partners Locations: San Francisco , California, Israel

WASHINGTON (AP) — For the first time in more than two decades, Mexico last year surpassed China as the leading source of goods imported to the United States. At the same time, the value of Chinese imports imports tumbled 20% to $427 billion. The last time that Mexican goods imported to the United States exceeded the value of China's imports was in 2002. The Trump administration began imposing tariffs on Chinese imports in 2018, arguing that Beijing's trade practices violated global trade rules. Supply-chain disruptions related to the COVID-19 pandemic also led U.S. companies to seek supplies closer to the United States ("near-shoring'').

Persons: Trump, Joe Biden, Biden, — Organizations: WASHINGTON, U.S . Commerce Department, Democrats, Canada Trade, United States Locations: Mexico, China, United States, Washington, Beijing, U.S, Canada, North America, United

☆ Hunger is India’s ‘biggest problem’ — one of the world's largest food producers leaves millions hungry
▼ + stars: | 2024-01-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

A labourer works inside a mill of refined wheat flour at Khanna in India's Punjab state on May 18, 2022. "Hunger is the biggest problem in India," a representative of global agribusiness Bunge told CNBC on the sidelines of the Commodity Trading Week held in Singapore. If they are getting the food, it's not nutritious," said Amit Sharma, Bunge's global trade execution team leader. India's Department of Food and Public Distribution did not immediately respond to CNBC's request for comment. Vipin Kumar | Hindustan Times | Getty ImagesIndia's food problem is also compounded by the fact that the rising middle class is on course to demand for more food — and better quality food as well.

Persons: Sajjad Hussain, Bunge, There's, Amit Sharma, Sharma, India's, Garima, Louis Dreyfus, Vipin Kumar, Jain, It's Organizations: AFP, Getty, CNBC, Logistics, International Trade Administration, U.S . Commerce Department, India's Department of Food, ITA, Hindustan Times Locations: Khanna, India's Punjab, India, Singapore

☆ US Aims to Impose Tighter Curbs on Civilian Gun Exports: Bloomberg
▼ + stars: | 2024-01-24 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - The Biden administration is seeking to reduce the use of U.S.-made guns in foreign crimes and human rights violations by tightening oversight and rules governing commercial exports of semiautomatic weapons, Bloomberg reported on Wednesday.This follows a review by the U.S. Commerce Department of its support for American gunmakers after a Bloomberg investigation linked increasing civilian gun exports to higher rates of global gun crime, according to the report, which cited draft rules obtained by Bloomberg. Commerce Department officials described the proposed changes to advocacy groups and others last week, telling them that the U.S. State Department would have more influence over vetting exports to countries with poor human-rights records, the Bloomberg report said, citing people who were briefed. Under the draft rules, officials would create distinct trade categories for semiautomatic firearms - including pistols, rifles and shotguns, making it easier for federal regulators to scrutinize exports of those weapons, Bloomberg said. In October last year, the Commerce Department stopped issuing export licenses for most civilian firearms and ammunition for 90 days to assess the "risk of firearms being diverted to entities or activities that promote regional instability, violate human rights, or fuel criminal activities." (Reporting by Devika Nair in Bengaluru; editing by Mark Heinrich)

Persons: Biden, Devika Nair, Mark Heinrich Organizations: Reuters, Bloomberg, U.S . Commerce Department, Bloomberg . Commerce Department, U.S . State Department, Commerce Department Locations: U.S, Bengaluru

☆ Senator Warren, Other Democrats Ask Commerce to Extend Gun Export Pause, Increase Oversight - Letter
▼ + stars: | 2024-01-24 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

By Mike StoneWASHINGTON (Reuters) - Congressional Democrats, including Senator Elizabeth Warren, again asked the U.S. Commerce Department to curb assault weapon exports and increase oversight of gun exports after a Trump-era rule change eased firearms export laws, according to a letter sent on Tuesday and seen by Reuters. The Commerce Department began a 90-day pause in an October order to assess the "risk of firearms being diverted to entities or activities that promote regional instability, violate human rights, or fuel criminal activities." The Commerce Department could decide to make the halt on export licenses permanent, return to previous practices, or impose other permanent restrictions. The letter, which was signed by Warren and Senator Richard Durbin as well as U.S. It voiced support for returning export authority oversight to the Department of State from Commerce - something which changed under then-President Donald Trump's tenure.

Persons: Mike Stone WASHINGTON, Elizabeth Warren, Richard Durbin, Representatives Joaquin Castro, Norma Torres, Gina Raimondo, Donald Trump's, Mike Stone, Jonathan Oatis Organizations: Congressional, U.S . Commerce Department, Reuters, The Commerce Department, Commerce Department, Warren, Representatives, Department of State from, Commerce Locations: Department of State from Commerce, Washington

☆ US officials to visit Taiwan to explain chip curbs, minister says
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

Taiwan Economy Minister Wang Mei-hua speaks during an interview with Reuters in Taipei, Taiwan, September 30, 2021. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Dec 4 (Reuters) - U.S. officials plan to visit Taiwan to explain to companies details of new curbs, primarily aimed at China, on advanced chip exports, the island's economy minister said on Monday. Taiwan Economy Minister Wang Mei-hua said some details of the extremely long new U.S. rules needed explanation. Given the concentration of chip making in Taiwan it was "advantageous" for Taiwanese companies to hear the details of the new controls from the U.S. officials, Wang said. Taiwan's official Central News Agency said the U.S. officials, who it did not name, would visit Taiwan next month and hold events in the chip hubs of Hsinchu and Tainan.

Persons: Wang Mei, Ann Wang, Biden, chipmaker TSMC, Wang, Ben Blanchard, Jeanny, Bernadette Baum, Barbara Lewis Organizations: Reuters, REUTERS, Rights, Nvidia, Beijing, U.S, Central News Agency, The U.S . Commerce Department, Thomson Locations: Taiwan, Taipei, Rights TAIPEI, China, U.S, Hsinchu, Tainan, The

☆ US dollar rallies from 3-1/2-month low after GDP data; rate cut bets intact
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: +3 min

"The GDP data helped the dollar a little bit. "So if we're seeing some strength on the cyclical side of the economy, then that could be challenging the rate cut narrative a little bit." U.S. rate futures, however, increased bets of a rate cut starting in March, following the GDP data, to a nearly 50% chance of easing, compared with nearly 35% late on Tuesday, the CME's FedWatch tool showed. Comments by Fed Governor Christopher Waller flagging a possible rate cut in the months ahead sent U.S. bond yields and the dollar sliding on Tuesday. China's onshore yuan finished the domestic session at 7.1246 per dollar, the strongest closing price since June 16.

Persons: Erik F, Christopher Waller, Wells Fargo's Nelson Organizations: US, Swiss, New Zealand, U.S . Commerce Department, Reuters, New, Reserve Bank of New Zealand Locations: Swedish, Hamburg, Germany, U.S, Wells Fargo, London, Europe's, Spain

The extension of Black Friday sales and growing strength of other shopping events (hello Cyber Monday ) is also changing what holiday spending looks like today. The term “Black Friday” is several generations old, but it wasn't always associated with the holiday retail frenzy that we know today. In 2003, e-commerce accounted for just 1.7% of total retail sales in the fourth quarter, per the U.S. Commerce Department. BLACK FRIDAY 'MONTH’ AND THE RISE OF CYBER MONDAYIt's no secret that Black Friday sales don't last 24 hours anymore. Offering early deals for holiday sales helps extend that window.

Persons: wasn't, Jie Zhang, Harvey Sanders, University of Maryland’s Robert H, Jay Zagorsky, Zagorsky, I’m, Zhang, it’s, ” Organizations: National Retail Federation, Army, Navy, Associated Press, Retail Management, University of Maryland’s, Smith School of Business, COVID, Boston University’s Questrom School of Business, U.S . Commerce Department, Commerce Department, Small, National Retail, Adobe Analytics Locations: Philadelphia, York

However, it offered a cautious outlook and said that shoppers pulled back their spending in late October. Industry analysts are dissecting the data, seeking to shed more light on how consumers are feeling as the holiday approaches. Walmart reported that profits were $453 million, or 17 cents per share, for the three-month period ended Oct. 31. Comparable store sales — those from established stores and online operating over the past 12 months — rose 4.9% for the Walmart U.S. division for the quarter. Global e-commerce sales rose 15%.

Persons: That's, Doug McMillon, it’s, McMillon, Macy’s, Anne Organizations: Walmart, Industry, Shoppers, Federal Reserve, U.S . Commerce Department, Revenue, Walmart U.S Locations: Bentonville , Arkansas, U.S

☆ Exclusive: Applied Materials under US criminal probe for shipments to China's SMIC-sources
▼ + stars: | 2023-11-16 | by ( Karen Freifeld | ) www.reuters.com time to read: +4 min

A smartphone with a displayed Applied Materials logo is placed on a computer motherboard in this illustration taken March 6, 2023. Shares in Applied Materials fell 7.3% after the news and the company reported quarterly results. Reuters could not determine whether Applied Materials violated the law, and it isn't clear whether the investigation will result in charges. SMIC did not immediately respond to a request for comment on the shipments from Applied Materials. A spokesperson for China's embassy in Washington was not aware of the Applied Materials probe.

Persons: Dado Ruvic, SMIC, Liu Pengyu, Karen Freifeld, Anna Driver Organizations: REUTERS, Semiconductor, Applied, Justice Department, Reuters, Materials, Justice and Commerce, Attorney's, Prosecutors, National Security Unit, China's Semiconductor Manufacturing International Corporation, U.S . Commerce Department, Commerce Department, Federal Register, Lam Research Corp, U.S . Securities, Exchange Commission, Thomson Locations: U.S, South Korea, China, Santa Clara , California, Massachusetts, Boston, Gloucester, Washington

Activity picked up again this month, he said, as shoppers turned out for special promotions. Two-thirds of toys in its stores will be priced at less than $25, the company said. Target expects sales to continue falling in the final months of the year, subject to a “wide range” that reflects the uncertainty about holiday spending. The U.S. Commerce Department reported that retail sales nationwide nudged down 0.1 percent in October from the previous month, the first drop since March. The decline, which is not adjusted for inflation, was driven by weakness in big-ticket categories like furniture and cars, which may be weighed down by the higher interest rates consumers face when buying on credit.

Persons: “, ” Mr, Rainey, Brian C Organizations: Target, Cornell, U.S . Commerce Department

The big-box retailer's stock has lost a quarter of its value in a turbulent year marked by elevated inflation. Shoppers have focused on food and essentials purchases while spending less on home goods, electronics, toys and apparel. Target sales declined by an average 7% in August and September alongside declines in transaction count and value, TD Cowen said in a note ahead of its earnings. On Wednesday, Target forecast adjusted earnings to land between $1.90 and $2.60 per share in the fourth quarter. It also expects holiday-quarter comparable sales to decline in the mid-single-digit percentage range, compared with expectations of a 3.97% drop.

Persons: Brian Cornell, Cornell, TD Cowen, Kendra Scott, Lucy Nicholson, Brian Mulberry, Price, Dave Wagner, Siddharth Cavale, Ananya Mariam Rajesh, Matthew Lewis, Chizu Nomiyama, Nick Zieminski Organizations: Target, Shoppers, Schwarz, Azusa , California U.S, REUTERS, Zacks Investment Management, Walmart, Consumer, Retail's, . Commerce Department, Aptus Capital Advisors, Thomson Locations: Azusa , California, New York, San Francisco, Seattle, Portland , Oregon, Bengaluru

☆ Target’s aim is better at the bottom than the top
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Nov 15 (Reuters Breakingviews) - Target (TGT.N) is improving what it can control to try to compensate for price-sensitive consumers. That’s despite a 4% decline in sales, as customers pulled back on buying apparel, electronics and home accessories. It’s the best the $60 billion retailer can do, and shareholders are rightly rewarding it. The key to its success this quarter is inventory, which fell 14% from the same period last year. For a long time, too much stuff sat in Target’s back room.

Persons: Brian Cornell, Jennifer Saba, taints, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S . Commerce Department, Cornell, X, Alstom, Thomson Locations: U.S, Target’s

☆ Microsoft is fine avoiding China as U.S. considers national security implications, CEO Satya Nadella says
▼ + stars: | 2023-11-15 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Microsoft is not focused on China as a domestic market, though the company has notable Chinese customers with operations outside the world's second most-populous country, CEO Satya Nadella said on Wednesday. "A lot of the Chinese multinationals operating outside of China are our bigger AI customers, perhaps." Microsoft provides artificial intelligence services to electric vehicle maker Li Auto and consumer electronics company Xiaomi, among others. Still, Nadella acknowledged on Wednesday that the U.S. government has important restrictions to follow when it comes to doing business in China. The U.S government uses Microsoft Azure cloud services and Microsoft 365 productivity apps.

Persons: Satya Nadella, Nadella, CNBC's Jon Fortt, Li, Nadella's, Joe Biden, Xi Jinping, Meta's, Bing, Deepwater's Gene Munster Organizations: Microsoft, Microsoft's Ignite, Li Auto, U.S, . Commerce Department, Meta's Facebook, Baidu, USG, LinkedIn Locations: China, Seattle, San Francisco, Bing, Beijing, United States, U.S, Europe, Asia

☆ Insight: US solar panel manufacturing boom threatened by cheap imports
▼ + stars: | 2023-11-03 | by ( Nichola Groom | ) www.reuters.com time to read: +7 min

[1/5] Solar panels from SunPower are installed on residential buildings at a model home display in the Eureka Grove neighborhood of Granite Bay, California, U.S., October 5, 2021. But global solar panel prices have collapsed due to a wave of new Asian production capacity in recent months, leading many in the U.S. solar industry to worry many of these proposed factories may be uneconomical. U.S. officials have repeatedly warned that over-reliance on Chinese clean energy technology could pose a security risk similar to Europe's historical dependence on Russian natural gas. A White House spokesperson did not respond to questions about recent market challenges facing domestic solar manufacturers, but said Biden's policies had generated a huge wave of investment and were revitalizing American manufacturing. Mike Carr, executive director of the Solar Energy Manufacturers for America trade group, said factories could be delayed, extending U.S. dependence on China.

Persons: Nathan Frandino, Joe Biden’s, ”, Edurne Zoco, Wood Mackenzie, Mike Carr, ” Carr, Brian Lynch, Jekyll, Hyde, Lynch, Danny O'Brien, Meyer Burger, Hari Achuthan, Richard Valdmanis, David Gregorio Our Organizations: REUTERS, P, U.S . International Trade Commission, Companies, Reuters, Energy, Solar Energy Manufacturers, America, Insights, U.S . Commerce Department, Solar Energy Industries Association, Convalt Energy, Treasury Department, Commerce Department, Thomson Locations: Eureka Grove, Granite Bay , California, U.S, Europe, China, United States, Malaysia, Thailand, Cambodia, Vietnam, India, Mexico, Hanwha, Colorado, Asia, New York, Maine

☆ PayPal raises full-year profit forecast above Wall Street estimates
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 1 (Reuters) - PayPal Holdings (PYPL.O) raised its forecast for full-year adjusted profit above Wall Street estimates on Wednesday, as the payments giant banks on resilient consumer spending trends during the key holiday shopping season. The company said it expects adjusted profit for the full-year to be about $4.98 per share from $4.95 earlier. PayPal cut its annual forecast of adjusted operating margin expansion to 75 basis points from 100 basis points expected earlier. Total payments volume increased 13% on FX-neutral basis to $387.7 billion in the third quarter, beating Street expectations of $377.9 billion. The firm earned $1.30 per share on an adjusted basis in the third-quarter, beating Wall Street expectations of $1.23 per share.

Persons: Dado Ruvic, Jamie Miller, Manya Saini, Krishna Chandra Organizations: PayPal, REUTERS, PayPal Holdings, Wall, Adobe Analytics, Apple, FX, U.S . Commerce Department, Thomson Locations: U.S, Bengaluru

The logo of NVIDIA as seen at its corporate headquarters in Santa Clara, California, in May of 2022. Nvidia's stock fell to as low as $392.30, down 4.7%, to the lowest level since mid-June. "The stock is getting oversold," said Tom Plumb, chief executive and lead portfolio manager at Plumb Funds, which has Nvidia as one of its largest holdings. "Previously, Nvidia has said this is not going to have a short-term impact but it's more in the long term. "These new export controls will not have a meaningful impact in the near term," the Nvidia spokesperson said in a statement.

Persons: Tom Plumb, Plumb, Biden, Thomas Hayes, Chibuike Oguh, Stephen Nellis, Amruta, Lance Tupper, Jonathan Oatis Organizations: NVIDIA, Handout, REUTERS, Nvidia Corp, Nvidia, Alibaba, HK, Baidu, U.S . Commerce Department, Wall, Nasdaq, Plumb Funds, Beijing, Great, Thomson Locations: Santa Clara , California, China, U.S, Iran, Russia, New York, San Francisco, Bengaluru

[1/3] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2023. Underlying inflation picked up last month, largely driven by housing costs, a U.S. Commerce Department report showed. The Dow Jones Industrial Average (.DJI) fell 1.12%, the S&P 500 (.SPX) lost 0.48% and the Nasdaq Composite (.IXIC) added 0.38%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed about 1% higher after hitting a fresh 11-month low on Thursday. The yen hit a new one-year low of 150.77 per dollar overnight and was last at 149.59 .

Persons: Brendan McDermid, Jeffrey Roach, Jay Powell, Christine Lagarde, Brent, Lawrence Delevingne, Naomi Rovnick, Stella Qiu, Richard Chang, Alexander Smith, Sandra Maler Organizations: New York Stock Exchange, REUTERS, Global, U.S . Commerce Department, Federal, LPL Financial, Dow Jones, Nasdaq, Intel, Chevron, European Central Bank, Sanofi, . Treasury, Bank of America, ECB, Thomson Locations: New York City, U.S, Charlotte , North Carolina, Asia, Pacific, Japan, Gaza, Boston, London, Sydney

Republican presidential candidate and Florida Governor Ron DeSantis speaks during a campaign event in Myrtle Beach, South Carolina, U.S., October 20, 2023. There were few details disclosed about the shipments, including where the materials originated, and which third parties Florida worked with. "We also worked with the Consul General to help get weapons and ammunition to Israel through private parties." Some 54% of Republicans said the U.S. should support Israel, versus 22% who said the U.S. should be a neutral mediator and 1% who said the U.S. should support the Palestinians. Earlier in October, DeSantis had sent two cargo planes to Israel containing medical supplies, toys, clothing and other non-combat-related items.

Persons: Ron DeSantis, Randall Hill, Joe Biden, Donald Trump, Jeremy Redfern, DeSantis, Biden, Gram Slattery, James Oliphant, Steve Holland, Humeyra Pamuk, David Shepardson, Trevor Hunnicutt, Ross Colvin, Jonathan Oatis Organizations: Florida, REUTERS, Rights, . Commerce Department, Republican, Democratic, Palestinian, Hamas, Reuters, Republicans, Thomson Locations: Myrtle Beach , South Carolina, U.S, Florida, Israel, Iran, Miami, Israeli, America, Washington

Search resuls for: ". Commerce Department"

25 mentions found