Nvidia dips; co plans downgraded China chip

Nvidia NVDA.O stock declining 0.9% on Fri after news of plans to release downgraded H20 AI chip for China due to U.S. export restrictions

The drop in NVDA compares to a 0.25% dip in the Nasdaq .IXIC

Co aims to maintain presence in China, a key market, despite U.S. efforts to limit access to advanced semiconductor tech

NVDA has notified major Chinese customers, including leading cloud computing providers, that it aims to release its modified H20 chip in July, two sources told Reuters

NVDA's revenue from China was $17 bln, ~13% of total sales, in fiscal year ended Jan. 26

Stock has fallen about 13% YTD, compared to a 7% fall in the Nasdaq

NVDA recently traded at 25x expected earnings, vs avg forward PE of 40 over past five years, per LSEG

Stock is about 24% below its 52-week intraday high of $153.13 reached on Jan. 7