Nvidia (NASDAQ:NVDA, ETR:NVD) has denied recent rumors claiming it will reduce supplies to China, reiterating its commitment to the market.
In a post on Nvidia’s official account on the Chinese social media platform Weibo, the chipmaker said the allegations were “false rumors.”
It emphasized China’s importance to the company and said it will continue to provide high-quality and services to Chinese customers.
The denial comes amid reports that Nvidia has been expanding its operations in China.
According to Bloomberg, Nvidia has hired 200 new employees in China as part of its push into autonomous driving technology. This expansion is expected to boost the company’s global workforce by 25% in 2024, reaching around 4,000 employees.
Nvidia has been developing self-driving car technology since 2015 and continues to sell products in China despite existing US trade restrictions, which it has circumvented by developing specialized chips for the Chinese market.
The company generates more than $5 billion in revenue from China quarterly, according to Bloomberg.