👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

U.S. denies blocking chip sales to Middle East

Published 08/31/2023, 11:33 AM
Updated 08/31/2023, 12:47 PM
© Reuters. FILE PHOTO: A worker miniature is placed among printed circuit boards with semiconductor chips, in this illustration picture taken July 5, 2023. REUTERS/Florence Lo/Illustration
NVDA
-
AMD
-

By Stephen Nellis

(Reuters) - The Biden administration "has not blocked chip sales to the Middle East," a U.S. Department of Commerce spokesperson said on Thursday, after disclosures that Washington had expanded export license requirements for Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) artificial-intelligence chips.

Nvidia revealed the new rules in a regulatory filing earlier this week. A person familiar with the matter confirmed on Wednesday that AMD is affected by the change.

The Commerce Department declined to comment on whether it had imposed new requirements on specific U.S. companies. Neither Nvidia nor AMD immediately returned requests for comment on Thursday.

The new rules would require Nvidia to seek licenses before selling its flagship chips to some Middle Eastern countries, the filing said. Neither Nvidia nor AMD have disclosed whether they have applied for such licenses and whether they have been approved or denied.

© Reuters. FILE PHOTO: A worker miniature is placed among printed circuit boards with semiconductor chips, in this illustration picture taken July 5, 2023. REUTERS/Florence Lo/Illustration

U.S. officials usually impose export controls for national security reasons. A similar move announced last year signaled an escalation of the U.S. crackdown on China's technological capabilities, but it was not immediately clear what risks were posed by exports to the Middle East.

Many of the U.S. curbs on technology exports to China amount to a blanket denial of all licenses.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.