Nvidia’s $1.5 Billion Packaging Pledge and a Fresh China Export Storm Test the Stock
Published on 07/24/2026 at 11:30 | Redaktion boerse-global.de
Nvidia finds itself navigating two very different headwinds this week. On one side, the chipmaker committed $1.5 billion to shore up its US supply chain through a strategic partnership with Amkor Technology. On the other, Washington accused Chinese AI startup Moonshot AI of illegally accessing Nvidia’s banned GB300 servers — a political flashpoint that sent the stock sliding.
The Amkor deal, announced July 23, 2026, locks in a multiyear agreement focused on advanced packaging and testing capacity in Arizona. Nvidia’s upfront payment will fund the expansion of Amkor’s US facilities, a direct response to the bottleneck that has constrained delivery of AI accelerators. Debora Shoquist, Nvidia’s operations chief, and Amkor CEO Kevin Engel both touted the partnership in a joint statement. Amkor already supplies packaging for Nvidia’s data-center processors, networking chips, and accelerated-computing systems.
The packaging crunch is real. Advanced packaging technologies are currently the limiting factor for AI-chip shipments, and the two companies plan to align technology roadmaps for high-density interconnects and heterogeneous chip integration to speed new processes into mass production. Amkor is separately investing roughly $2 billion in a new facility in Peoria, Arizona, backed by $407 million from the CHIPS Act. The company also struck a ten-year packaging partnership with TSMC in June and works with AMD.
For Nvidia, the investment fits a broader push to diversify and secure its supply chain. The global advanced-packaging market is projected by Yole to expand from $55 billion in 2025 to over $120 billion by 2031, fueled by AI chips, high-bandwidth memory, and advanced substrates. Rivals including ASE, PTI, TSMC, SK Hynix, Ibiden, and Unimicron are all racing to add capacity, with most projects coming online between 2027 and 2028.
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The onshoring trend extends well beyond packaging. TSMC has boosted its total US fab investments to $265 billion after an additional $100 billion commitment, planning twelve factories including four new sites. Wistron recently opened its first US manufacturing facility in Fort Worth, Texas, already producing Nvidia’s GB300 Grace-Blackwell-Ultra superchip and slated to build the upcoming Vera Rubin superchip.
Market reaction to the Amkor deal was split. Amkor shares surged as much as 17 percent in after-hours trading, while Nvidia dipped 0.4 percent in the same session — investors clearly reading the news as a growth catalyst for the supplier rather than a near-term driver for Nvidia itself.
The China Export Cloud Returns
The political storm arrived just days later. Michael Kratsios, director of the White House Office of Science and Technology Policy, accused Moonshot AI of accessing GB300 servers in Thailand to train its own AI models, in direct violation of US export controls. The Bureau of Industry and Security has opened an investigation into whether Chinese AI firms are circumventing restrictions through foreign subsidiaries or cloud providers in third countries.
Treasury Secretary Scott Bessent sharpened the rhetoric, threatening sanctions if foreign models are found to have “stolen” American technology. A second allegation targets Moonshot for using distillation techniques — training a proprietary model on the outputs of a more advanced system. Kratsios described a “sophisticated internal platform” built for that purpose.
Nvidia CEO Jensen Huang pushed back, calling open models like Moonshot’s Kimi “excellent” and urging the US to embrace rather than ban them. His argument: locking China out only accelerates its push to build a domestic chip infrastructure. Nvidia itself says it complies with all export rules and actively monitors compliance across distribution channels, though it declined to comment on the White House statement.
The episode highlights Nvidia’s fundamental dilemma. If export controls work perfectly, the company loses a massive potential market in China. If they fail, political pressure in Washington intensifies, risking even tighter restrictions or country-level bans on Nvidia chips.
Stock Holds Its Ground
The political news weighed on the stock Thursday, with Nvidia falling 1.38 percent to €183.60 in German trading. The Amkor-related session saw a smaller 0.66 percent decline to €182.38, leaving the shares just above their 50-day moving average of €180.83 — a sign of intact but unexciting short-term momentum. From the 52-week high of €202.50 reached in mid-May, the stock sits roughly 10 percent lower.
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Yet the broader picture remains resilient. Nvidia is up 3.60 percent on the week and 14.55 percent year-to-date. The 9.33 percent gap from the May record looks moderate given the ongoing investigation.
The Nebius Group disclosure added a separate strategic footnote. A Schedule 13G filing revealed Nvidia holds a passive 9.3 percent stake in the European AI infrastructure firm, representing roughly 22.26 million shares. The filing updates an existing financing agreement rather than signaling new investment, but Nebius shares rose in premarket trading nonetheless.
For Nvidia investors, the Amkor deal carries more strategic weight than immediate price impact. It underscores how deeply the company is now willing to invest in its own supply chain to prevent future AI-hardware bottlenecks. The Moonshot investigation, meanwhile, tests whether Washington will enforce its export regime with teeth — and whether Nvidia can keep its global business balanced against rising political pressure.
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