Nvidia holds steady on report that Huawei sales may be at risk
BING-JHEN HONG

Nvidia (NASDAQ:NVDA) shares managed to rise almost 1% Monday in spite of a report that said plans by the graphics chipmaker to sell technology to Chinese technology giant Huawei may fall through.
The Biden Administration is weighing additional restrictions on Huawei on technology that U.S. companies can sell to Huawei, according to a draft report put together by a U.S. government contract. 
Huawei was first restricted in 2019 by the Trump Administration, but that administration instituted a plan to allow Huawei to still receive some goods.
According to the plan, first reported by Reuters, Nvidia (NVDA) would see a "high economic impact" if the proposed 2023 amendment goes through.
A senior State Department Official told the news outlet that the document was a preliminary draft and "would not have approved of the report in its current form."
The news outlet added that Qualcomm (QCOM) would see a "moderate economic impact" from the amendment.
Nvidia (NVDA) did not respond to a request for comment and a Qualcomm (QCOM) spokesman declined to comment. 
Late last month, Nvidia (NVDA) posted stronger-than-expected fourth-quarter results, with Wall Street analysts praising the chip maker.
Nvidia (NVDA) also offered first-quarter guidance, saying it expects sales to be $6.5B, plus or minus 2%, while analysts expect the company to report $6.35B in sales.
Last week, Nvidia (NVDA) disclosed that it had filed a $10B mixed shelf offering.