Nvidia (NVDA) stock fell as much as 4% Thursday, extending the AI chipmaker's nearly 7% decline the prior day after disclosing that the US government had effectively banned exports of its chips to China.

AI chip giant Nvidia warned that it will take a financial hit from new requirements around its H20 chips, which are aimed at the Chinese market. Shares in Nvidia Corporation and other chip technology companies are down in premarket trading this morning after Nvidia confirmed that it would take a significant financial hit to cover costs associated with a newly required export license so it can ship some of its latest chips outside of the