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• 00:00And we return now to breaking news from India. The stocks falling more than 4% after hours as it says the U.S. has informed it that it requires a license to export its H20 integrated circuits to China. Also saying they see a first quarter charge of five and a half billion dollars related to these H20 products. For the latest, we turn now to Bloomberg’s Mike Shepherd. So, Mike, obviously NVIDIA has been in the crosshairs when we consider export controls of semiconductor oriented technology to China. But this is going a step further than was previously necessary. That’s right. This is a step further, Kelly, and this is another sign of how the competition in artificial intelligence between the world’s two largest economies, the U.S. and China, has intensified, especially since Donald Trump took office. And you will remember that right around the time he took the oath of office, China based IPsec was releasing its lower cost and more efficient model, its R one model that took the world by storm and really surprised a lot, including the hyperscalers. But also in video. The company Deep Sea was using video chips, an older generation of them. And and this really marked a new blow to American hopes of maintaining what would be a sizable advantage. And it prompted Donald Trump to come out and say we will make this a priority, to retain this edge, to retain this dominance. But it signaled that China had not only its ambitions, but perhaps the wherewithal to pull it off. So if you these aren’t Blackwell chips we’re talking about, right? If you stacked up enough h toes, could you, in fact, get the same result as a deep sea? Could you advance in a AI model? Is that why these are being restored? And that is one of the concerns that the U.S. government has, is that in fact, by, you know, using a different package or stack of these edge 20 chips and remember, the 2020 chip has already been modified and scaled down for the China market, and that’s owing to restrictions going back to 2022. As Kelly mentioned, India has been in the crosshairs since the Biden administration for the advanced chips it produces and sells and has been selling into the China market. And they have been looking to make sure that China doesn’t get its hands on the best stuff. H 20 was introduced as a way to be sort of the stripped down, maybe dumbed down version, but even that has proved to be something that Chinese startups could use to make breakthroughs in AI. Well, and I would imagine tariffs only add a complicating factor to this whole thing. Oh, and then you bring in tariffs, of course. And for all of these companies, it’s yet another concern because as video has pointed out, the concern for them is that it’s it’s only going to embolden China to perhaps break away and try to seek its own innovation rather than trying to buy what American companies are designing and producing. So their concern is it’s multifold.