The smugglers are facing decades in prison for an alleged conspiracy that involved routing highly coveted chips through Malaysia and Thailand.

Analysts upgraded their outlooks for Nvidia stock on Thursday after a big earnings report from the AI chip maker.

Prosecutors have accused Brian Raymond, founder of AI infrastructure and consulting company Bitworks, and three others of selling coveted Nvidia chips to unspecified Chinese companies.

U.S. technology stocks failed to hold on their initial gains on Thursday, as a rally driven by Nvidia ran out of steam with concerns of lofty valuations in the technology space coming back to the fore.

The stock market sell-off restarted on Thursday. Markets whipsawed in afternoon trading as valuation concerns returned to the conversation.

Nvidia shares were initially up after an earnings report that included raised revenue guidance for the next quarter. But shares closed 3% lower.

Wall Street forecasts another booming quarter of growth for Nvidia’s AI chip business. Here are the crucial numbers to watch when the tech giant releases results after the market close on Wednesday: Revenue: Expected to rise 56% from a year earlier to $54.

Nvidia's record quarter and CEO Jensen Huang's comments spotlight high expectations, AI bubble concerns, and the company's market-shaking influence.