Beijing accuses Washington of using Nvidia spy claims to justify tech blockade

Beijing rejects spy allegations

China's foreign ministry accused the United States of fabricating espionage stories and using them as a pretext for a technology blockade against China. Spokesperson Mao Ning made the remarks at a regular press briefing on Thursday, 12 November, in response to reports that a woman with whom Nvidia CEO Jensen Huang was reportedly in a relationship was a Chinese spy. Mao Ning said China's scientific and technological progress relies on independent innovation and open cooperation. She added that China was willing to work with the United States to carry out the consensus reached between the two countries' leaders. Beijing also said it had been in contact with American counterparts ahead of a planned meeting of the two nations' leaders.

Nvidia under pressure

Nvidia's shares have been volatile. Repubblica reported that the stock rose 5% on Wednesday, 11 November, after two consecutive sessions of sharp losses, while ANSA said it had lost 10% on the Nasdaq that day. Repubblica then reported a 7% drop in pre-market trading on Thursday, after after-hours losses of more than 8%. Reports said the board was discussing whether to replace Huang, and ANSA said Nvidia was looking for a successor. Nasdaq futures were down 0.9% in the same pre-market session, while CoreWeave's shares had surged 26.7% on Wednesday following its earnings results.

Asian and European markets

Tokyo's Nikkei closed down 0.70% at 60,819.36 points, while the Topix rose 0.20% to 3,937.33 points. Seoul's Kospi fell 0.61% to 5,342.73 points. Hong Kong lost more than 1%, and Taiwan fell 2.63%, with ANSA linking the Taiwan drop to the large weight of technology stocks on its market.

Taiwan-2.63%

Shenzhen-1.62%

Hong Kong-1.35%

Tokyo (Nikkei)-0.7%

Shanghai-0.67%

Seoul (Kospi)-0.61%

Tokyo (Topix)0.2%

Taiwan

-2.63 %

Shenzhen

-1.62 %

Hong Kong

-1.35 %

Tokyo (Nikkei)

-0.7 %

Shanghai

-0.67 %

Seoul (Kospi)

-0.61 %

Tokyo (Topix)

0.2 %

Data from the article text

Shares of Chinese chipmakers rose, according to Repubblica, as expectations grew that Beijing would accelerate efforts to reduce its reliance on foreign chip suppliers. European markets opened cautiously higher, following Wall Street. Brent crude traded near 93 dollars a barrel, up 0.3% according to ANSA, with oil quiet in the absence of news on Iran.