According to The Kobeissi Letter, Nvidia's stock, $NVDA, decreased by more than 3% following Huawei's announcement to begin mass shipments of its advanced 910C AI chip for Chinese customers next month. This development comes shortly after the US imposed restrictions on Nvidia's H20 chip exports to China, signaling a potential shift in market dynamics as Huawei aims to capture Nvidia's market share.

According to The Kobeissi Letter, Nvidia ($NVDA) experienced significant selling pressure after the US government announced a ban on the sale of H20 chips to China. This decision will impact Nvidia's Q1 earnings by an estimated $5.5 billion, leading to a more than 10% intraday drop in Nvidia's stock price.