In a note to customers, Rolland stated, "Overall, we are reducing projections for AMD, INTC, and NVDA to reflect our updated PC shipment prediction and deteriorating PC industry checks (and US prohibition on AI GPUs)." In midday trade, AMD stock dropped more than 6%, while Intel (INTC) and Nvidia (NVDA), both located in California, plummeted 2.5% and 4.5%, respectively.