China increased subsidies for major data centers

companies including Nvidia Corp (NASDAQ:NVDA), Broadcom Inc (NASDAQ:AVGO), Marvell Technology Inc (NASDAQ:MRVL), Advanced Micro Devices Inc (NASDAQ:AMD), Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM), Micron Technology Inc (NASDAQ:MU), Arm Holdings plc (NASDAQ:ARM), Intel Corp (NASDAQ:INTC) were under pressure on Tuesday.
They are reacting to the news that China increased subsidies for major data centers, cutting their energy costs by as much as 50% to support domestic chipmakers, the Financial Times reported on Tuesday.