In a move to strengthen its semiconductor industry and counter U.S. sanctions, Beijing is reportedly encouraging Chinese firms to prioritize locally produced artificial intelligence (AI) chips over those from Nvidia Corp.

Tepper's fund dumped 3.73 million shares of Nvidia, or roughly $450 million worth of the top artificial intelligence (AI) stock, in Q2. That wasn't quite all of Appaloosa's stake. But it was more than 84% of it, leaving the fund with just 690,000 shares, representing roughly $90 million worth of the stock.

Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence chips instead of Nvidia Corp. products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions.

Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions.

China is re-enforcing efforts to encourage domestic companies to favour homegrown artificial intelligence (AI) chips over Jensen Huang’s Nvidia advanced

Pekín quiere expandir su industria de semiconductores y contrarrestar las sanciones de EE.UU. Para esto, está intensificando la presión sobre empresas chinas para que compren chips de inteligencia artificial de producción local en lugar de productos de Nvidia Corp.

Shares of Nvidia (NVDA) closed down 2% on Sept. 27 after media reports surfaced that China’s government is discouraging domestic companies from buying Nvidia’s microchips and processors. Bloomberg News,