From todayBeijing Warns US Against Using Nvidia CEO Spy Scandal to Tighten Tech Curbs

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  38%

  −0.9%

  U.S. Expands Chip Curbs

  Washington uses the Nvidia spy scandal and the new foreign chip-rental restrictions to justify a broader compliance push. Beijing protests, but the Commerce Department argues that Chinese firms have exploited offshore access and opaque intermediaries to obtain advanced AI compute.

  Technology −1.7% · Business Services −0.4% · Telecommunications −0.2%

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  30%

  +0.4%

  Managed Diplomatic Pause

  Both governments avoid an immediate escalation, recognizing that the latest controls already tighten China’s access to advanced compute. The U.S. keeps investigating the Nvidia scandal, while Beijing limits its response to public warnings and diplomatic complaints.

  Technology +0.8% · Business Services +0.2%

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  20%

  −0.7%

  Beijing Countermeasures Follow

  China responds to U.S. pressure by targeting firms and supply chains exposed to its market. Retaliation remains calibrated, but it raises headline risk for AI hardware suppliers, cloud providers, and semiconductor-equipment firms.

  Technology −1.3% · Non-Energy Materials +0.4% · Industrials −0.2%

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  12%

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  Corporate Probe Resolves

  The Nvidia board investigation becomes the key driver of near-term outcomes, separate from U.S.-China policy. A clean resolution would reduce governance risk, while any finding of compliance failures or leadership disruption would deepen regulatory scrutiny.