Yones: Positive China news boosts Yin; negative headlines drive Yang
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Yahoo
14 hours ago
- Yahoo
Two Chinese nationals in California accused of illegally shipping Nvidia AI chips to China
By Karen Freifeld (Reuters) -Two Chinese nationals in California were arrested and charged with illegally shipping tens of millions of dollars' worth of AI chips to China, including Nvidia H100s, the U.S. Justice Department said on Tuesday. Chuan Geng, 28, of Pasadena, and Shiwei Yang, 28, of El Monte, exported the advanced Nvidia chips and other technology to China from October 2022 through July 2025 without the required licenses from the U.S. Commerce Department, the Justice Department said, citing an affidavit filed with the complaint. According to the affidavit, Geng and Yang's El Monte-based company, ALX Solutions, was founded in 2022, shortly after the U.S. imposed sweeping export controls on technology to China to slow Beijing's military modernization and began to require licenses for the chips. China opposed the U.S. move as harming normal trade. Over 20 shipments from ALX went to shipping and freight forwarding companies in Singapore and Malaysia, which are often used as transshipment points for illegal goods to China, a federal agent, who works for the Commerce Department, said in the affidavit. ALX received a $1 million payment from a China-based company in January 2024 and other payments from companies in Hong Kong and China, not from the freight forwarding companies, the agent said. Nvidia H100s are advanced chips that can be used to train large language models and many other applications. Records show that from at least August 2023 to July 2024, ALX Solutions bought over 200 Nvidia H100 chips from San Jose, California-based server maker Super Micro Computer, declaring that the customers were in Singapore and Japan, the agent said. On one 2023 invoice valued at $28,453,855, ALX said the customer was in Singapore, but a U.S. export control officer in Singapore could not verify the chips arrived in the country and the company did not exist at the listed location, the document says. "This case demonstrates that smuggling is a nonstarter," a Nvidia spokesperson said in a statement. "We primarily sell our products to well-known help us ensure that all sales comply with U.S. export control rules." Diverted products have "no service, support or updates," the statement added. Super Micro said in a statement it was "firmly committed to compliance with all U.S. export control regulations." It said it did not comment on ongoing legal matters, but cooperated with authorities in any such proceedings. Geng and Yang appeared in federal court in Los Angeles on Monday, the Justice Department said. Geng, a permanent resident, was released on $250,000 bond. Yang, who overstayed her visa, has a detention hearing on August 12. Lawyers for the defendants did not respond to requests for comment.
Miami Herald
16 hours ago
- Miami Herald
US charges Chinese nationals with Nvidia chips export breach
Two Chinese nationals were arrested this week on charges that they sent tens of millions of dollars worth of advanced AI chips made by Nvidia Corp. to China in violation of U.S. export restrictions, according to authorities. The defendants used a company based in El Monte, California, to export sensitive technology, including graphics processing units, used in artificial intelligence without obtaining the necessary government licenses, the Justice Department said in a statement Tuesday. According to a criminal complaint provided by the agency, the two individuals shipped Nvidia-designed chips, including the company's H100 AI accelerators, which are the basis for computers used to create and run artificial intelligence software. Such chips require official approval for sales to certain countries. The accused were identified by authorities as Chuan Geng, 28, of Pasadena, and Shiwei Yang, 28, of El Monte. They have been charged with violating the Export Control Reform Act and could face as much as 20 years in prison, according to the Justice Department. Lawyers for the Geng and Yang couldn't be immediately located for comment. "This case demonstrates that smuggling is a nonstarter," Nvidia said in a statement. The company said it primarily sells its products to well-known partners "who help us ensure that all sales comply with U.S. export control rules." "Even relatively small exporters and shipments are subject to thorough review and scrutiny, and any diverted products would have no service, support or updates," Nvidia said. Over the past several years, the U.S. has steadily tightened restrictions on exports of semiconductors and chipmaking equipment to keep China from gaining ground in the race for AI dominance. The Trump administration is exploring ways to include enhanced location-tracking in AI chips to help with export control enforcement. Up until being superseded earlier this year by a new line of products from Santa Clara, California-based Nvidia, the H100s were considered the most capable such processors. Their export to China and other countries the U.S. has deemed a threat to national security requires licenses from the Commerce Department that are not usually given. In the complaint, authorities called the H100 "the most powerful GPU chip on the market" and claimed the defendants sought to evade U.S. export restrictions on it by shipping through third countries. The Justice Department said Geng and Yang operated a company called ALX Solutions Inc. that was founded in 2022 shortly after the U.S. Commerce Department began requiring licenses to sell such chips to overseas buyers. Export records and other business documents indicate that the company sent at least 20 shipments to shipping and freight-forwarding companies in Singapore and Malaysia but never received payments from those entities, the Justice Department said. ALX Solutions instead received "numerous payments" from companies based in Hong Kong and China, including a $1 million payment from a China-based company in January 2024, the DOJ said. Those records show that in December 2024, the company had sent a shipment of GPUs that it claimed was in compliance with U.S. export rules, the DOJ said, but neither ALX Solutions nor the defendants had received the U.S. licenses required for such a transaction. Authorities said they searched the ALX Solutions office and seized phones belonging to Geng and Yang and found evidence of communications about shipping chips covered by export controls to China through Malaysia in violation of U.S. restrictions. Yang was also accused of overstaying her visa, according to the Justice Department. Geng is a legal permanent resident, authorities said. A federal judge in Los Angeles on Monday ordered Geng released on a $250,000 bond and scheduled a detention hearing for Yang on Aug. 12. The court did not take any pleas in the case. The Commerce Department's Bureau of Industry and Security is assisting the probe, along with the Federal Bureau of Investigation. -With assistance from Ian King. (Updates with comment from Nvidia in sixth paragraph.) Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Yahoo
19 hours ago
- Yahoo
Now Trading: Direxion's New Bull & Bear ETFs for Shopify & Lockheed Martin
Capture Daily Moves in Two of the Most Event-Driven Stocks NEW YORK, NY / / August 6, 2025 / Direxion, a leading provider of ETFs for tactical traders, and a pioneer in Single Stock Daily Leveraged & Inverse ETFs, today launched four new funds offering amplified, or inverse, exposure to two high-profile names: Shopify Inc. (SHOP) and Lockheed Martin Corporation (LMT). These ETFs provide traders with the tools to express short-term views on both e-commerce momentum and global defense trends. Invest in Gold Thor Metals Group: Best Overall Gold IRA Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase American Hartford Gold: #1 Precious Metals Dealer in the Nation The new funds include: Direxion Daily SHOP Bull 2X ETF (Ticker: SHPU) Direxion Daily SHOP Bear 1X ETF (Ticker: SHPD) Direxion Daily LMT Bull 2X ETF (Ticker: LMTL) Direxion Daily LMT Bear 1X ETF (Ticker: LMTS) "These two companies sit on opposite ends of the tactical spectrum - Shopify represents high-growth, high-volatility e-commerce exposure, while Lockheed Martin is a defense sector anchor tied to long-term government spending and global events," said Mo Sparks, Chief Product Officer at Direxion. "Whether traders are reacting to earnings, geopolitical headlines, or sector rotations, these new ETFs are the first to offer a powerful way to express conviction toward each with tactical precision." Designed for active traders, Direxion's pairs of Single Stock Leveraged & Inverse ETFs are built for short-term trading - not long-term investing. These ground-breaking trading tools are intended for experienced traders with a high risk tolerance. Unlike traditional ETFs, or even other leveraged and/or inverse ETFs, these products track the price of a single stock rather than an index, offering no diversification benefits. All Direxion Leveraged and Inverse ETFs are intended only for investors with an in-depth understanding of the risks associated with seeking leveraged investment results, and who plan to actively monitor and manage their positions. There is no guarantee these ETFs will meet their objective. Please visit the Direxion Leveraged and Inverse ETF Education Center, where you will find educational brochures, videos, and a self-paced online course to help you understand if Leveraged and Inverse ETFs - including Single Stock Daily LETFs - are right for you. About Direxion: Direxion equips investors who are driven by conviction with ETF solutions built for purpose and fine-tuned for precision. These solutions are available for a broad spectrum of investors, whether executing short-term tactical trades, or investing in thematic strategies. Direxion's reputation is founded on developing products that precisely express market perspectives and allow investors to manage their risk exposure. Founded in 1997, the company has approximately $54.6 billion in assets under management as of June 30, 2025. For more information, please visit There is no guarantee that the Funds will achieve their investment objectives. For more information on all Direxion Shares ETFs, go to or call us at 866.301.9214. An investor should carefully consider a Fund's investment objective, risks, charges, and expenses before investing. A Fund's prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a prospectus and summary prospectus call 866.476.7523 or visit our website at A Fund's prospectus and summary prospectus should be read carefully before investing. Investing in the funds involves a high degree of risk. Unlike traditional ETFs, or even other leveraged and/or inverse ETFs, these leveraged and/or inverse single-stock ETFs track the price of a single stock rather than an index, eliminating the benefits of diversification. Leveraged and inverse ETFs pursue daily leveraged investment objectives, which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying stock's performance over periods longer than one day. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. The Funds will lose money if the underlying stock's performance is flat, and it is possible that the Bull Fund will lose money even if the underlying stock's performance increases, and the Bear Fund will lose money even if the underlying stock's performance decreases, over a period longer than a single day. Investing in the Funds is not equivalent to investing directly in SHOP or LMT. Direxion Shares Risks - An investment in a Fund involves risk, including the possible loss of principal. Each Fund is non-diversified and includes risks associated with a Fund concentrating its investments in a particular security, industry, sector, or geographic region which can result in increased volatility. A Fund's investments in derivatives such as futures contracts and swaps may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including imperfect correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility and lack of availability. As a result, the value of an investment in a Fund may change quickly and without warning. Leverage Risk - The Bull Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. A total loss may occur in a single day. Leverage will also have the effect of magnifying any differences in the Fund's correlation with SHOP or LMT and may increase the volatility of the Bull Fund. Daily Correlation Risk - A number of factors may affect the Bull Fund's ability to achieve a high degree of correlation with SHOP or LMT and therefore achieve its daily leveraged investment objective. The Bull Fund's exposure to SHOP or LMT is impacted by SHOP or LMT's movement. Because of this, it is unlikely that the Bull Fund will be perfectly exposed to SHOP or LMT at the end of each day. The possibility of the Bull Fund being materially over- or under-exposed to SHOP or LMT increases on days when SHOP or LMT is volatile near the close of the trading day. Daily Inverse Correlation Risk - A number of factors may affect the Bear Fund's ability to achieve a high degree of inverse correlation with SHOP or LMT and therefore achieve its daily inverse investment objective. The Bear Fund's exposure to SHOP or LMT is impacted by SHOP or LMT's movement. Because of this, it is unlikely that the Bear Fund will be perfectly exposed to SHOP or LMT at the end of each day. The possibility of the Bear Fund being materially over- or under-exposed to SHOP or LMT increases on days when SHOP or LMT is volatile near the close of the trading day. Shopify, Inc. Investing Risk - SHOP faces risks associated with: growth may be difficult to sustain; highly competitive business structure; data breach and privacy concerns; impact of the global economic conditions may adversely affect business operations; reliance on limited number of suppliers for payment processing; use of artificial intelligence may present additional risks; among other risks. Lockhead Martin Corporation Investing Risk - LMT faces risks associated with: dependance on U.S. Government contracts; the F-35 program which is approximately 26% of the company's net sales is reliant on continued government funding; extensive procurement laws and regulations; variability in current contracts and programs as well as performance and ability to control costs; more audits due to government contracts; heavy dependance on suppliers and subcontractors; reliant on development of new technology; public health events; international sales pose different economic, regulatory and competitive risks; among other risks. Information Technology Sector Risk - The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. Industrials Sector Risk - Stock prices of issuers in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Aerospace and Defense Industry Risk - The aerospace and defense industry can be significantly affected by government regulation and spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services. Additional risks of each Fund include Effects of Compounding and Market Volatility Risk, Derivatives Risk, Counterparty Risk, Rebalancing Risk, Intra-Day Investment Risk, Industry Concentration Risk, Market Risk, Indirect Investment Risk, and Cash Transaction Risk. Additionally, for the Direxion Daily SHOP Bear 1X ETF and Direxion Daily LMT Bear 1X ETF, Shorting or Inverse Risk. Please see the summary and full prospectuses for a more complete description of these and other risks of a Fund. Distributor: ALPS Distributors, Inc. CONTACT:Danielle Black, ADDitto Public Relationsdirexion@ SOURCE: DIREXION View the original press release on ACCESS Newswire
