China bans tech firms from buying Nvidia's AI chips

China is banning its major tech companies from purchasing Nvidia's artificial intelligence chips. The Financial Times reports that China's Cyberspace Administration has told companies, including ByteDance and Alibaba, to halt testing and placing orders for the RTX Pro 6000D chip, developed by Nvidia for the Chinese market. The decision is aimed at strengthening its independence from the United States in semiconductor manufacturing.

Nvidia shares plunge on Wall Street after the ban: shares of the semiconductor giant lost 2.74%.