Per a Financial Times report, China’s internet regulator is issuing a ban on top tech firms purchasing Nvidia’s AI chips, and is ordering the cancellation of existing orders. The Cyberspace Administration of China has directed companies, including ByteDance and Alibaba, to terminate their testing and orders of the RTX Pro 6000D, the Financial Times reported on Wednesday, citing three sources close to the administration.

Nvidia CEO Jensen Huang said on Wednesday that the U.S. and Beijing “have larger agendas to work out” after the reports emerged. “We can only be in service of a market if a country wants us to be,” Huang said at a press conference in London, in response to a question about the CAC. “I’m disappointed with what I see, but they have larger agendas to work out between China and the United States, and I’m patient about it. We’ll continue to be supportive of the Chinese government and Chinese companies as they wish.”

Beijing is putting pressure on Chinese tech companies to boost the country’s homegrown semiconductor industry and break their reliance on Nvidia so it can compete in an AI race against the US. However, Nvidia remains the global powerhouse in the ongoing AI chips revolution, something China is trying to oppose.

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The ban also comes as Nvidia’s new RTX6000D chip, carefully tailored to the Chinese market, is seeing very little demand. The chip was banned in the US for tailoring it to China, but it is available in the grey market at less than half the price. Even after the steep discount, tech firms are not keen to place orders due to the chip’s low performance. The development, alongside the new China ban, could dent Nvidia’s stock prospects for the rest of the year.

Alibaba, ByteDance, and the CAC have yet to respond to China’s latest ban on the new Nvidia Chip.