Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Wednesday, October 18th, and I'm your host, Kim Khan.

Our top story so far.

Chips continue to dip.

Invedia, AMD, and Intel remained under pressure as several Wall Street firms weighed in on the impact

from the Biden administration's new export controls on AI-linked ships to China.

City analysts said they believe the scope of the new threshold set forth by the

Biden administration will make it difficult for invidia to sell to China.

This time around it will require more than networking modifications made on

previous A800 and H800 products that were sent to China previously.

Citi maintained its buy rating on NVIDIA, but lowered its price target to $575 from

630, saying it is de-risking its fiscal 2025 and 2026 estimates.

Morgan Stanley analysts, led by Joseph Moore, also lowered their price target, moving to

600 from 630.

They wrote that while export controls have been widely expected given recent press reports,

this is at the more draconian end of expectations, in our view, and the sell-off of the stock seems warranted.

Staying with China, President G. Xinping, announced the launch of a global AI governance initiative.

The measure outlines China's proposals for development, security, and governance of AI.

China's foreign ministry spokesperson said that the core components of the initiative include upholding principles of mutual respect, equality, and mutual benefit in AI development,

and opposed drawing ideological lines or forming exclusive groups to obstruct other countries

from developing AI. In today's trading the market started with a broad risk-off

move on concerns of an escalation in the Israel-Hamas war that could include conflict

...