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U.S. markets experienced mixed results, with the Nasdaq Composite declining due to a tech sell-off, while the S&P 500 and Dow Jones saw slight gains. Asian markets showed positive trends, particularly in China, where the CSI 300 rose significantly. The tech sector's performance was notably affected as investors shifted focus to non-tech stocks amid rising interest rates.
Cleveland Cliffs and Nucor are collaborating on a potential bid for U.S. Steel after a previous acquisition attempt was blocked. Meanwhile, the U.S. government announced new export restrictions on AI chips, which Nvidia criticized as excessive. Despite the tech downturn, the demand for AI-related products remains strong, as evidenced by the revenue growth reported by TSMC and Foxconn.
• Nvidia criticized new U.S. export restrictions on AI chips as excessive.
• Demand for AI-related products remains strong despite tech stock declines.
AI chips are specialized processors designed to accelerate artificial intelligence applications and tasks.
Export restrictions limit the sale of certain technologies, including AI chips, to specific countries.
Artificial intelligence refers to the simulation of human intelligence in machines, enabling them to perform tasks that typically require human cognition.
Nvidia is a leading supplier of AI chips, crucial for powering AI applications and technologies.
TSMC is a major semiconductor manufacturer that reported significant revenue growth driven by AI product demand.
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