Nvidia, AMD fall as UBS cuts price targets on tighter export restrictions

Nvidia NVDA.O and Advanced Micro Devices' AMD.O shares fall

Brokerage UBS cuts PTs on chipmakers' shares due to tighter U.S. controls on exports of advanced AI chips to China

NVDA down 3.4% to $100.99, AMD falls 0.7% to $87.75

Brokerage cuts Nvidia's PT to $180 from $185, AMD's PT cut to $155 from $175

$5.5 billion in charges flagged by NVDA due to U.S. export restrictions imply a revenue impact of ~$9 billion, with $700 million of this coming in Q1 and remaining ~$8 billion spread across Q2 and Q3 - UBS

AMD's revenue impact seen as ~$1 billion based on $800 million in charges - UBS

Brokerage sees softer overall demand environment for AMD in the back half of the year given tariff headwinds

YTD, Nvidia shares down 24.8%, AMD down 27.4%