Shares of high-definition video chip designer Ambarella (AMBA) - Get Report were taking a dive after one of the company's biggest customers, China's Hangzhou Hikvision, found itself blacklisted by the Trump administration.
Shares of Ambarella were down 12.64%, or $7.23, at $49.99 in trading Tuesday after the Trump administration placed eight Chinese technology companies on a U.S. blacklist, including Hangzhou Hikvision, accusing them of being implicated in human rights violations.
The move, which was announced after U.S. markets closed Monday, came on the same day negotiators from the U.S. and China began working-level preparations for high-level trade talks set to begin Thursday in Washington.
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