Nvidia and Advanced Micro Devices are the latest firms caught in the escalating trade war between the U.S. and China. Nvidia disclosed in an SEC filing Tuesday evening that future sales of its H20 AI accelerators to China would require a license from the U.

U.S. stocks are tumbling Wednesday after Nvidia warned new U.S. restrictions on exports to China will chisel billions of dollars off its results, while companies around the world said President Donald Trump’s trade war is clouding forecasts for how they or the economy will do this year.