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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.

Tepper's fund dumped 3.73 million shares of Nvidia, or roughly $450 million worth of the top artificial intelligence (AI) stock, in Q2. That wasn't quite all of Appaloosa's stake. But it was more than 84% of it, leaving the fund with just 690,000 shares, representing roughly $90 million worth of the stock.

In a move to strengthen its semiconductor industry and counter U.S. sanctions, Beijing is reportedly encouraging Chinese firms to prioritize locally produced artificial intelligence (AI) chips over those from Nvidia Corp.

Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence chips instead of Nvidia Corp. products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions.

Nvidia faces potentially bigger hurdles in China after Bloomberg reported that the country's regulators are urging companies not to buy its H20 chips, used for AI models. Please w