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Yahoo
21 minutes ago
- Yahoo
China Urges Firms to Avoid Nvidia H20 Chips After Trump Resumes Sales
(Bloomberg) -- Beijing has urged local companies to avoid using Nvidia Corp.'s H20 processors, particularly for government-related purposes, complicating the chipmaker's return to China after the Trump administration reversed an effective US ban on such sales. Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion New York Warns of $34 Billion Budget Hole, Biggest Since 2009 Crisis To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Five Years After Black Lives Matter, Brussels' Colonial Statues Remain A New Stage for the Theater That Gave America Shakespeare in the Park Over the past few weeks, Chinese authorities have sent notices to a range of firms discouraging use of the less-advanced semiconductors, people familiar with the matter said. The guidance was particularly strong against the use of H20s for any government or national security-related work by state enterprises or private companies, said the people, who asked not to be identified because the information is sensitive. The letters didn't, however, constitute an outright ban on H20 use, according to the people. Industry analysts broadly agree that Chinese companies still covet those chips, which perform quite well in certain crucial AI applications. President Donald Trump said Monday that the processor 'still has a market' in the Asian country despite also calling it 'obsolete.' Nvidia and Advanced Micro Devices Inc. both recently secured Washington's approval to resume lower-end AI chip sales to China, on the controversial and legally questionable condition that they give the US government a 15% cut of the related revenue. But even with Trump's team on board, the two companies face the challenge that their Chinese customers are under Beijing's pressure to purchase domestic chips instead. Beijing's overall push affects AI accelerators from AMD in addition to Nvidia, one of the people said, though it's unclear whether any letters specifically mentioned AMD's MI308 chip. Shares of Chinese AI chip designer Cambricon Technologies Corp. surged to their daily limit of 20% on the news of China's guidance, leading a rally in peers such as Semiconductor Manufacturing International Corp. Beijing's stance could limit Trump's ability to turn his export control about-face into a windfall for government coffers, a deal that highlighted his administration's transactional approach to national security policies long treated as nonnegotiable. Still, Chinese companies may not be ready to jump ship to local semiconductors. 'Chips from domestic manufacturers are improving dramatically in quality, but they might not be as versatile for specific workloads that China's domestic AI industry hopes to focus on,' said Homin Lee, a senior macro strategist at Lombard Odier in Singapore. Lee added that he anticipates 'strong' demand for the chips the Trump administration is allowing Nvidia and AMD to sell. Rosenblatt Securities analyst Kevin Cassidy said he doesn't anticipate that Nvidia's processor sales to China will be affected because 'Chinese companies are going to want to use the best chips available.' Nvidia and AMD's chips are superior to local alternatives, he said. Beijing asked companies about that issue in some of its letters, according to one of the people, posing questions such as why they buy Nvidia H20 chips over local versions, whether that's a necessary choice given domestic options, and whether they've found any security concerns in the Nvidia hardware. The notices coincide with state media reports that cast doubt on the security and reliability of H20 processors. Chinese regulators have raised those concerns directly with Nvidia, which has repeatedly denied that its chips contain such vulnerabilities. The Financial Times reported that some Chinese companies are planning to decrease orders of Nvidia chips in response to the letters. Right now, the people said, China's most stringent chip guidance is limited to sensitive applications, a situation that bears similarities to the way Beijing restricted Tesla Inc. vehicles and Apple Inc. iPhones in certain institutions and locations over security concerns. China's government also at one point barred the use of Micron Technology Inc. chips in critical infrastructure. It's possible that Beijing may extend its heavier-handed Nvidia and AMD guidance to a wider range of settings, according to one person with direct knowledge of the deliberations, who said that those conversations are in early stages. AMD declined to comment on Beijing's notices, while Nvidia said in a statement that 'the H20 is not a military product or for government infrastructure.' China has ample supplies of domestic chips, Nvidia said, and 'won't and never has relied on American chips for government operations.' China's Ministry of Industry and Information Technology and the Cyberspace Administration of China didn't respond to faxed requests for comment on this story, which is based on interviews with more than a half-dozen people familiar with Beijing's policy discussions. The White House didn't respond to a request for comment. The Chinese government's posture raises questions about the Trump administration's explanation for why the US is allowing those exports mere months after effectively banning such sales. Multiple senior US officials have said their policy reversal was the result of trade talks with China, but Beijing has publicly indicated that the resumed H20 shipments weren't part of any bilateral deal. China's recent notices to companies suggest that the Asian country may not have sought such a concession from Washington in the first place. Beijing's concerns are twofold. For starters, Chinese officials are worried that Nvidia chips could have location-tracking and remote-shutdown capabilities — a suggestion that Nvidia has vehemently denied. Trump officials are actively exploring whether location tracking could be used to help curtail suspected smuggling of restricted components into China, and lawmakers have introduced a bill that would require location verification for advanced AI chips. Second, Beijing is intensely focused on developing its domestic chip capabilities, and wants Chinese companies to shift away from Western chips in favor of local offerings. Officials have previously urged Chinese firms to choose domestic semiconductors over Nvidia H20 processors, Bloomberg reported last September, and have introduced energy efficiency standards that the H20 chip doesn't meet. Nvidia designed the H20 chip specifically for Chinese customers to abide by years of US restrictions on sales of its more advanced hardware, curbs designed to limit Beijing's access to AI that could benefit the Chinese military. The H20 chip has less computational power than Nvidia's top offerings, but its strong memory bandwidth is quite well suited to the inference stage of AI development, when models recognize patterns and draw conclusions. That's made it a desirable product to companies like Alibaba Group Holding Ltd. and Tencent Holdings Ltd. in China, where domestic chip champion Huawei Technologies Co. is struggling to produce enough advanced components to meet market demand. By one estimate from Biden officials — who considered but did not implement controls on H20 sales — losing access to that Nvidia chip would make it three to six times more expensive for Chinese companies to run inference on advanced AI models. 'Beijing appears to be using regulatory uncertainty to create a captive market sufficiently sized to absorb Huawei's supply, while still allowing purchases of H20s to meet actual demands,' said Lennart Heim, an AI-focused researcher at RAND, of China's push for companies to avoid American AI chips. 'This signals that domestic alternatives remain inadequate even as China pressures foreign suppliers.' In his remarks Monday, Trump said China's Huawei already offers chips comparable to the Nvidia H20, echoing previous remarks by officials in his administration who've defended the decision to resume H20 exports partly on those grounds. The US should keep the Chinese AI ecosystem reliant on less-advanced American technology for as long as possible, these officials say, in order to deprive Huawei of the revenue and know-how that would come from a broader customer base. Other administration officials have strongly objected to that logic, Bloomberg has reported, arguing that resuming H20 exports will only embolden China's tech champions and bolster the country's overall computing power. Commerce Secretary Howard Lutnick and other Trump officials have also claimed that the H20 move was part of a deal to improve American access to Chinese rare-earth minerals — despite the Trump team's previous assertions that such an arrangement wasn't on the table. 'As the Chinese deliver their magnets, then the H20s will come off,' Lutnick said last month. Treasury Secretary Scott Bessent said in late July that the magnet issue had been 'solved.' The first Nvidia H20 and AMD MI308 licenses arrived a bit over a week after Bessent's declaration — after Nvidia Chief Executive Officer Jensen Huang met with the president and both companies agreed to share their China revenue with the US government. --With assistance from Yanping Li, Sangmi Cha and Emily Forgash. (Updates with additional analyst commentary in ninth paragraph.) Why It's Actually a Good Time to Buy a House, According to a Zillow Economist Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan The Social Media Trend Machine Is Spitting Out Weirder and Weirder Results The Game Starts at 8. The Robbery Starts at 8:01 Klarna Cashed In on 'Buy Now, Pay Later.' Now It Wants to Be a Bank ©2025 Bloomberg L.P. 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Yahoo
30 minutes ago
- Yahoo
Why Apple Fell 18.1% in the First Half of 2025
Key Points Apple came into the year at a high valuation. Trump's tariff war with China generated considerable uncertainty over Apple's costs going forward. Apple also delivered disappointing updates on its artificial intelligence efforts, leading to more questions about its future. These 10 stocks could mint the next wave of millionaires › Shares of Apple (NASDAQ: AAPL) fell 18.1% in the first half of 2025, according to data from S&P Global Market Intelligence. Apple came into 2025 after a 30% gain in 2024 while trading at a high P/E ratio of 40. So it would have taken some very good news for Apple's stock to climb higher in the beginning of the year. Instead, Apple suffered from the Trump Administration's trade war, particularly regarding its negotiations with China. Furthermore, management announced there would be a delay in the new AI-powered Siri, with Apple potentially going to third-party models and spurring doubt about Cupertino's AI capabilities. Where's Siri? Of all the big technology companies, perhaps none have as much exposure to China as Apple. Despite CEO Tim Cook migrating some iPhone production to India in recent years, about nine in 10 iPhones are still manufactured in China and would therefore be subject to any tariff imposed on goods made in the Middle Kingdom. Apple received an exemption on tariffs during Trump's first term, but it's unlikely that exemption will continue in the second. As of today, it's very unclear exactly what will happen this time around. After Trump levied a 54% tariff on China on April 2, "Liberation Day," a tit-for-tat mini-trade war erupted that saw that rate balloon to 145% before a temporary truce was announced on May 12, when tariffs were eased to 30% for 90 days as talks continue. However, just two weeks later, President Trump said that any iPhone manufactured outside the U.S. would be subject to at least a 25% tariff. While this tariff would also of course apply to Apple's smartphone and electronics competitors, Apple could potentially see a margin hit or reduced demand if it tries to pass through those extra costs. The tariff situation is still unclear. The other big worry Apple endured was about artificial intelligence. Apple has never really been an innovator in new technologies, instead historically incorporating new technologies into customer-friendly devices that provide a great experience. With AI, it's still unclear how Apple will compete. About a year ago, management announced new AI-powered features to be introduced over the course of the next year. But one year later, the company has clearly disappointed. In June, Apple announced the new AI-powered Siri would be delayed at least until 2026. Moreover, Bloomberg reported Apple may be giving up on building its own AI models and was in talks with both OpenAI and Anthropic to power the "new" Siri, which is now slated for next That may be a smart and pragmatic move if these AI-first start-ups can make better large language models than Apple, and if LLMs become somewhat "commoditized." Still, ceding that ground opens a dependence on these new AI companies, and the situation would become really complicated if one of these companies decided to become a hardware competitor. And OpenAI is doing just that. A few days ago, OpenAI acquired former Apple design wizard Johnny Ive's design start-up for $6.5 billion, with the aim of creating a new AI device. While we don't yet know what kind of device these two are working on, it could potentially be a disruptor to Apple's portfolio. So it's probably not great that Apple may also be depending on OpenAI to power Siri in the future. Could Apple be disrupted? There's no reason to panic as an Apple shareholder. After all, Apple has a massive user base that's very loyal, and it certainly has the financial means to invest in or acquire the AI technologies it may need to serve its customers. Still, with the tariff threat, the difficulty of executing new AI technologies, and a valuation that is by no means cheap, it's no wonder Apple stock took a step back in the first half. Until these issues are resolved, I wouldn't expect a bounce back or any significant upside in the stock. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $427,709!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $40,087!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $671,477!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of July 14, 2025 Billy Duberstein and/or his clients have positions in Apple. The Motley Fool has positions in and recommends Apple. The Motley Fool has a disclosure policy. Why Apple Fell 18.1% in the First Half of 2025 was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Diamond Hill Capital's Strategic Moves: Significant Reduction in Becton Dickinson & Co
Analyzing the Latest 13F Filing for Q2 2025 Diamond Hill Capital (Trades, Portfolio) recently submitted its 13F filing for the second quarter of 2025, offering a glimpse into its strategic investment decisions. Established in 2000, Diamond Hill Capital (Trades, Portfolio) Management, Inc. is a registered investment adviser headquartered in Columbus, Ohio. The firm is publicly traded on NASDAQ under the ticker DHIL and is part of the Russell 2000 Index. Diamond Hill Capital (Trades, Portfolio) is known for its bottom-up investment approach, focusing on fundamental analysis of a company's profitability, market position, and management quality. The firm manages a diverse range of equity strategies, catering to institutions, financial intermediaries, and individual investors. Warning! GuruFocus has detected 4 Warning Sign with AIG. Summary of New Buy Diamond Hill Capital (Trades, Portfolio) added a total of 11 stocks to its portfolio. The most significant addition was Adobe Inc (NASDAQ:ADBE), with 849,582 shares, accounting for 1.51% of the portfolio and a total value of $328.69 million. The second largest addition was Antero Resources Corp (NYSE:AR), consisting of 415,218 shares, representing approximately 0.08% of the portfolio, with a total value of $16.72 million. The third largest addition was Alaska Air Group Inc (NYSE:ALK), with 309,799 shares, accounting for 0.07% of the portfolio and a total value of $15.33 million. Key Position Increases Diamond Hill Capital (Trades, Portfolio) also increased stakes in a total of 53 stocks. The most notable increase was in Capital One Financial Corp (NYSE:COF), with an additional 781,098 shares, bringing the total to 2,910,758 shares. This adjustment represents a significant 36.68% increase in share count, a 0.76% impact on the current portfolio, with a total value of $619.29 million. The second largest increase was in Aon PLC (NYSE:AON), with an additional 361,912 shares, bringing the total to 1,574,511. This adjustment represents a significant 29.85% increase in share count, with a total value of $561.72 million. Summary of Sold Out Diamond Hill Capital (Trades, Portfolio) completely exited 5 holdings in the second quarter of 2025. Notable exits include Insperity Inc (NYSE:NSP), where all 357,174 shares were sold, resulting in a -0.15% impact on the portfolio. Additionally, Vail Resorts Inc (NYSE:MTN) was liquidated with all 82,238 shares sold, causing a -0.06% impact on the portfolio. Key Position Reduces Diamond Hill Capital (Trades, Portfolio) reduced its position in 107 stocks, with significant changes including a reduction in Becton Dickinson & Co (NYSE:BDX) by 1,448,069 shares, resulting in a -90.38% decrease in shares and a -1.52% impact on the portfolio. The stock traded at an average price of $184.01 during the quarter and has returned 11.15% over the past 3 months and -13.70% year-to-date. Another notable reduction was in HCA Healthcare Inc (NYSE:HCA) by 476,778 shares, resulting in a -39.44% reduction in shares and a -0.75% impact on the portfolio. The stock traded at an average price of $360.1 during the quarter and has returned 6.97% over the past 3 months and 29.76% year-to-date. Portfolio Overview As of the second quarter of 2025, Diamond Hill Capital (Trades, Portfolio)'s portfolio included 180 stocks. The top holdings were 4.57% in American International Group Inc (NYSE:AIG), 3.7% in Abbott Laboratories (NYSE:ABT), 3.51% in Berkshire Hathaway Inc (NYSE:BRK.B), 3.4% in Texas Instruments Inc (NASDAQ:TXN), and 2.85% in Capital One Financial Corp (NYSE:COF). The holdings are mainly concentrated in 11 industries: Financial Services, Industrials, Technology, Healthcare, Consumer Cyclical, Consumer Defensive, Energy, Real Estate, Basic Materials, Communication Services, and Utilities. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
