Nvidia plunges amid US export restrictions on AI chips to China: A good buy or goodbye?

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Spinee joined discussion · Oct 19, 2023 05:03

Here's what happened in China's markets last trade day (10/18):

1. China's GDP grew by 4.9% in Q3 2023, beating expectations.

The growth was driven by stronger domestic consumption and industrial output. This prompted major brokerages to raise their full-year target, indicating a potential shift in Beijing's stimulus measures.

$Kraneshares Tr Bosera Msci China A Sh Etf(KBA.US)$ $iShares MSCI China ETF(MCHI.US)$ $Global X MSCI China Consumer Discretionary ETF(CHIQ.US)$ $JD-SW(09618.HK)$ $BABA-SW(09988.HK)$

2. The Biden administration expanded its export controls to further limit China's tech sector.

Companies like Nvidia and Intel will no longer be able to sell high-end chips that they modified to meet China's requirements. Chinese firms with potential alternatives were placed on a trade blacklist, which could impact China's chip industry in the short term.

$NVIDIA(NVDA.US)$ $Intel(INTC.US)$ $ASML Holding(ASML.US)$ $SMIC(00981.HK)$ $Huawei Hongmong(BK0795.SH)$ $Taiwan Semiconductor(TSM.US)$

3. BYD Company came out with a bullish outlook for its upcoming quarterly results.

BYD, China's largest electric vehicle manufacturer, released a bullish outlook for its upcoming quarterly results, attributing the strong outlook to record sales of new energy vehicles (NEVs) and expansion of its business in handset components and assembly.

$BYD Company Limited(002594.SZ)$ $BYD COMPANY(01211.HK)$ $NIO Inc(NIO.US)$ $NIO Inc. USD OV(NIO.SG)$ $NIO-SW(09866.HK)$ $XPeng(XPEV.US)$ $XPENG-W(09868.HK)$ $Tesla(TSLA.US)$

4. Country Garden hinted that it could default on all of its offshore debt obligations.

Country Garden, one of China's biggest and most profitable property developers, hinted at the possibility of defaulting on all of its offshore debt obligations due to a deep correction in the Chinese housing market.

$COUNTRY GARDEN(02007.HK)$ $CG SERVICES(06098.HK)$ $CHINA RES LAND(CRBJY.US)$ $Global X MSCI China Real Estate ETF(CHIR.US)$

5. Apple CEO Tim Cook is in China to visit a factory of one of its contract manufacturers.

Apple CEO Tim Cook visited a factory of one of its contract manufacturers in China, including a mobile gaming event to boost publicity for Apple in a market where its latest flagship smartphone is facing weak sales.

$Apple(AAPL.US)$ $XIAOMI-W(01810.HK)$ $Xiaomi Corp. Unsponsored ADR Class B(XIACY.US)$ $Huawei Hongmong(BK0795.SH)$

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