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US stocks slide further following Trump order on Nvidia chips to China

Value of California chip designer dropped by billions on Wednesday

US stocks have fallen further after Donald Trump imposed a new trade restriction on the chip designer Nvidia, rattling investors and triggering a sell-off across the semiconductor industry. The company now expects to report a $5.5bn (£34.1bn) hit in its financial quarter that ends on 27 April, covering the cost of licences for its stock of the chips and associated sales commitments. Meanwhile in Europe, shares in semiconductor tech firm ASML fell 5.2% as its chief executive, Christophe Fouquet, said tariffs had “increased uncertainty in the macro environment”.

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