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Today's agenda
The US has ordered the immediate halt of exports to China of hi-tech computer chips used for artificial intelligence, the chipmaker Nvidia has said.

Nvidia said the US had brought forward a ban that had given the company 30 days from 17 October to stop shipments. Instead of a grace period, the ban is “effective immediately”, the company said in a statement to US regulators.

The company did not say why the ban had been brought forward so abruptly but it comes amid a deep rivalry between the US and China over who will dominate the AI boom.

Nvidia said that shipments of its A100, A800, H100, H800, and L40S chips would be affected. Those chips, which retail at several thousand dollars apiece, are specifically designed for use in datacentres to train AI and large language models.

Demand for AI chips has soared as excitement has grown about the capabilities of generative AI, which can produce new text, images and video based on the inputs of huge volumes of data.

Nvidia said it “does not anticipate that the accelerated timing of the licensing requirements will have a near-term meaningful impact on its financial results”.

In the UK, Lloyds Banking Group has reported a rise in profits even as it said competition was hitting its margins as mortgage rates fall back.

It made £1.9bn in profits from July to September, an increase compared with the £576m for the same period last year. The comparison has an important caveat, however: the bank has restated its financials to conform to new accounting rules.

Net interest margin – the measure of the difference between the cost of borrowing and what it charges customers when it lends – was 3.08% in the third quarter, down 0.06 percentage points in the quarter “given the expected mortgage and deposit pricing headwinds”, it said.

The bank did set aside £800m to deal with rising defaults from borrowers but said that it was still seeing “broadly stable credit trends and resilient asset quality”.

The agenda
• 9am BST: Germany Ifo business climate index (October; previous: 85.7 points; consensus: 85.9)

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The Guardian view on Labour and the steel industry: how to forge a better future
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Hope or horror? The great AI debate dividing its pioneers
 

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