Nvidia stock dropped in premarket trading before paring losses, following a report that China is urging local companies not to buy its AI chips.

Beijing urged local companies to stay away from the company's chips, according to a report, while the country is promoting domestic chip makers.

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Pekín quiere expandir su industria de semiconductores y contrarrestar las sanciones de EE.UU. Para esto, está intensificando la presión sobre empresas chinas para que compren chips de inteligencia artificial de producción local en lugar de productos de Nvidia Corp.

China urges its businesses to favor domestic semiconductor chips over NVIDIA's AI processors to bolster its chip industry.