Nvidia leads chips higher as Intel launches Arc GPU in China
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Nvidia (NASDAQ:NVDA) shares led the chip sector higher on Wednesday as traders awaited the latest interest rate movement from the Federal Reserve and Intel (NASDAQ:INTC) announced that its Arc GPU would be available in China.
Nvidia (NVDA) gained nearly 2.5% to $161.99, while Advanced Micro Devices (AMD), Intel (INTC) and Texas Instruments (TXN) were all up roughly 1%.
Other chip stocks, such as Marvell Technology (MRVL), Qualcomm (NASDAQ:QCOM), Broadcom (AVGO) and NXP Semiconductors (NXPI) were fractionally higher shortly before 12 p.m. EST.
At 2 p.m. EST, the Federal Open Market Committee is widely expected to raise its key interest rate by as much as 75 basis points due to rising inflation.
Late on Tuesday, Intel (INTC) said its Arc A380 graphics chip would be available in China from a number of different PC makers sometime "this month."
The Santa Clara, California-based Intel (INTC) added the new GPU would be available in other regions later in the summer.
Intel's (INTC) MSRP is 1,030 yuan in China (or roughly $150), including value-added tax, but it did not disclose the price of the chip in other regions.
In other semiconductor news, Qualcomm (QCOM) won its appeal against a $1.05B fine that was imposed on it by European Union regulators after Europeâs second-highest court sided with the San Diego-based chipmaker.
In 2018, the European Commission said that Qualcomm's (QCOM) decision to pay billions of dollars to Apple (AAPL) to exclusively use its baseband chips in iPhones and iPads from 2011 to 2016 was an abuse of power. 
However, the General Court annulled the finding and said there were "a number of procedural irregularities" that impacted Qualcomm's right of defense.
The EU said it is currently reviewing the ruling and is discussing its options.
Earlier this month, investment firm Citi named Nvidia (NVDA), along with Lam Research (LRCX) and Applied Materials (AMAT) as the firm's top picks in the sector, noting investors should "hide" in equipment makers and those tied to the cloud and data center.