The Dow Jones index dropped Friday, as Nvidia stock declined on AI chip news, threatening to extend its losses.

The White House has informed other federal agencies that it will not permit Nvidia to sell its latest scaled-down artificial intelligence chips to China, The Information reported on Thursday (Nov 6),

Nvidia stock leads a 7% weekly tech slide as AI and DePIN stocks face valuation fears and investor profit-taking.

Some ETFs hold hundreds or even thousands of different stocks, but the iShares Semiconductor ETF holds just 30. It exclusively invests in companies that design, manufacture, and distribute semiconductors, and specifically those that stand to benefit from megatrends like AI.

Nvidia signed a $2 billion chip deal with Kazakhstan this week, locking in an agreement for high-end AI processors as the Central Asian country races to build

() -Nvidia CEO Jensen Huang has warned that China will beat the United States in the artificial intelligence race, the Financial Times reported on Wednesday. "China is going to win the AI race," Huang said on the sidelines of the Financial Times' Future of AI Summit.

After years of quiet, solid gains, Nvidia ( NVDA 3.85%) stock has had a breathless ascent over the three years, climbing nearly 1,400%. It flew past Apple and Microsoft to become the most valuable company in the world, reaching a market value of $4 trillion in July, and it's now in a league of its own as the first $5 trillion stock.

Nebius (NBIS) has deployed its first artificial intelligence cloud in the U.K., powered by Nvidia's (NVDA) Blackwell Ultra GPUs and its Quantum-X800 Infiniband networking system, the company announced today.