Nvidia (NASDAQ:NVDA) shares fell about 1% on Friday morning, following comments from U.S. Representative Ro Khanna on potential exports of older AI chips to China.
Khanna, the new ranking Democrat on the House Select Committee on China, indicated he might support sales of legacy Hopper chips once the U.S. secures a technological edge. He emphasized that next-generation Blackwell and Rubin chips would remain restricted, aiming to protect advanced AI capabilities.
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Investors reacted cautiously. The pullback follows a multi-week recovery that had pushed Nvidia toward the upper end of its recent $180$200 trading range. Technical indicators suggest the stock may consolidate near $180 before attempting another test of $198$205 resistance. A drop below $172 could expose $160 as a potential support.
Analysts remain optimistic on long-term demand. UBS recently raised its Nvidia price target to $245 from $235, citing resilient AI spending from hyperscalers and Taiwan exports supporting fiscal Q4 revenue projections of about $67.5 billion.
Policy uncertainty continues to temper near-term upside despite potential revenue from older chip sales.