ai titan under pressure. $279 billion wiped off nvidia stock, the biggest one—day loss of value ever for a us company. now, it's under investigation over its dominance of the ai chip market. wall street's back with a bang, and not in a good way with a major sell—off across the markets as traders return from their labor day holiday in nervous mood. also coming up, thinking the unthinkable: volkswagen considers closing down plants in germany for the first time ever as profits are squeezed by asian rivals. and now there are two more to contend with: china's omoda and jaecoo are the fastest growing car brands you've never heard of for now. we speak to the man in charge

of cracking the uk market. live from london, this is business today. it this is business today. is packed. i'm sally bundock. this is business today. let's get going. we start with al chip maker nvidia. its record rise to one of the world's most valuable companies has wowed wall street. now, it's breaking records again, but not in the way it wanted. on tuesday, nvidia lost the most stock market value in a day of any company in us history as part of a steep sell—off that hit tech shares particularly hard. nvidia continued to fall after hours as bloomberg reported that it has received subpoenas from the department ofjustice, which is investigating whether it has been abusing its dominance of the market for al chips. let's just show you the numbers because they are pretty staggering. almost $279 billion —

that was the amount wiped off the value of nvidia over the course of the trading day. it adds to losses last week after the company's forecasts disappointed investors. nvidia has been the cornerstone of the tech rally on wall street. is it all about to come unstuck? dan ives is managing director at wedbush securities. he's been one of the biggest enthusiasts for the tech sector on wall street. today, he's in seoul. dan, are you worried? i ,it , it was clearly a nightmare day for nvidia as well as chip companies, but in my opinion, this ai revolution and the fundamental story for nvidia is unchanged. this remains what i believe is the early days of an revolution, i think this is a golden buying opportunity despite all the white knuckles we are seeing.— despite all the white knuckles we are seeing. what about the department — we are seeing. what about the department of _ we are seeing. what about the department ofjustice - department ofjustice investigation into whether using its power?—

investigation into whether using its power? look, ithink it is a scary — using its power? look, ithink it is a scary headline - using its power? look, ithink it is a scary headline but - using its power? look, ithink it is a scary headline but they| it is a scary headline but they joined the club of apple, google, amazon in terms of big, and i think nothing happens for and i think nothing happens for a number of years, and even if it does, ijust don't a number of years, and even if it does, i just don't see from anti—trust perspective that they could alter a business model, that is one, a scary headline on a bad day but it is not anything that gives us causal reservation.- not anything that gives us causal reservation. when you are today _ causal reservation. when you are today in _ causal reservation. when you are today in south _ causal reservation. when you are today in south korea, - causal reservation. when you l are today in south korea, they are today in south korea, they are having a tough time as well, shares down nearly io%. tronics for samsung down nearly 10% on all of this. this tronics for samsung down nearly 1096 on all of this.— 1096 on all of this. this is, and we — 1096 on all of this. this is, and we will _ 1096 on all of this. this is, and we will see _ 1096 on all of this. this is, and we will see a - 1096 on all of this. this is, and we will see a risk- 1096 on all of this. this is, and we will see a risk of. and we will see a risk of environment in september, the third backdrop elections could go into november, but if you look here, these selloffs are temporary. i don't think... this is not the end of this ai trade, this is not a bubble

stop i believe this is a 1995, i996 stop i believe this is a 1995, 1996 moment, we will go through white knuckles, these are the wind opportunities for nvidia, for the microsoft, for apple, not the time to hit the elevator and get out. thank you so much- _ elevator and get out. thank you so much. stand _ elevator and get out. thank you so much. stand joining - elevator and get out. thank you so much. stand joining us- elevator and get out. thank you so much. stand joining us from| so much. stand joining us from soul. —— danjoining us from seoul. that rout on wall street has been rippling through asian markets. let's take a look at the numbers. you can see japan is down 3.5%, the main market in tokyo. hong kong also down, and the big losers other tech stocks. the next page shows you what is happening in the us, the nasdaq illustrating and the snp 500, the red arrows, the broad sell—off that took place on wall street, and that sparked

to a degree as well by the concern about the us economy. is it slowing down too fast? rikita gupta has more. the s&p 500 saw its biggest slide since an early august meltdown, ending the session down 2%. this comes after a rally that put the benchmark within a striking distance of its all—time highs. technology stocks, the gauges most influential group, took the brunt of the decline. the nasdaq index closed down by 3%, while the dowjones index slipped by 1.5%. one of the biggest losers on the day was nvidia, the high—flying artificial intelligence darling, which raised more than $2110 billion in market value. the chip maker's shares closed down over 9%. other semiconductor stocks, including micron, intel and advanced micro devices fell in sympathy. the market also took a leg lower after manufacturing

production data shrank for a fifth month in august. the institute for supply management's manufacturing gauge edged up to 47.2. a reading below 50 indicates contraction. the data reignited concerns around slowing growth within the us economy, which helped drive a sell—off early last month. the action comes ahead of us government's augustjobs report, which traders will be watching closely, and wall street will also have to contend with seasonal headwinds, as september has historically been a challenging month for stocks. that is some of the contact. let's unpack this further. —— the context. sunaina sinha haldea is global head of private capital advisory at raymond james here in london. dan was famous as a prime—time biotech stocks such nvidia. what do you think? i biotech stocks such nvidia. what do you think?- what do you think? i think bu er what do you think? i think buyer beware. _ what do you think? i think buyer beware. will- what do you think? i think buyer beware. will be - what do you think? i think buyer beware. will be a i what do you think? i think| buyer beware. will be a lot what do you think? i think. buyer beware. will be a lot of volatility in the financial markets because september historically is a volatile month, and i think there is a

caution to the wind here for market saying that, listen, perhaps we are no longer going to value things on their promise because ai is very exciting and very promising but it is just that, that cash flows matter, actually fundamental valuation, a basis for things to be worth what they are matter most in right now the buyers of the chips are tech companies. companies buying from nvidia and ai promise hasn't spread to other industries outside of tech yet, and unless that happens, perhaps lower stock. what are our perhaps lower stock. what are yourthoughts— perhaps lower stock. what are your thoughts on _ perhaps lower stock. what are your thoughts on the - perhaps lower stock. what are your thoughts on the us - your thoughts on the us economy? once again, this time yesterday i was saying the fear factor seems to have gone about a hard landing right now it seems to be back again. molar seems to be back again. now there is a _ seems to be back again. now there is a question, - seems to be back again. now there is a question, are - seems to be back again. iirw there is a question, are we going to get this soft landing right or not? the manufacturing data as you just heard came in softer than expected, but was not mentioned was the it showed

some price increases in the manufacturing sector, which falls in the face of the fed �*s inflation measures and something the fed will be looking at. also, thejobs report. are we going to see a big uptick in moment here? therefore, showing a much faster softening of the us economy than expected. all of this uncertainty is playing into what the markets did yesterday and today. thank you so much. have _ yesterday and today. thank you so much. have a _ yesterday and today. thank you so much. have a good - yesterday and today. thank you so much. have a good day. seej so much. have a good day. see you soon. now to germany where volkswagen is thinking the unthinkable. europe's biggest car maker is facing the prospect of having to close down a factory or factories in germany for the first time in its 87—year history. vw is being squeezed by fierce competition from asian rivals that is forcing it to consider scrapping a job security deal with staff that has been in place since the 1990s, promising no lay—offs. vw employs more than 600,000 people. bosses will be facing some

of them at a works council meeting in the coming hours to discuss the situation. union leaders have said they will fiercely oppose the planned cuts. professor dr ferdinand dudenhoffer is director of the center for automotive research in bochum, germany. he's a former senior executive at porsche, opel, peugeot and citroen. welcome to the programme. for vw to say we will not lay off staff, is this the problem in this environment we are in right now, such hot competition from china?— from china? yes, china is important. _ from china? yes, china is important, let's _ from china? yes, china is important, let's look- from china? yes, china is important, let's look at i from china? yes, china is. important, let's look at the brandon we look at in germany we see two things. on one hand we see two things. on one hand we see two things. on one hand we see high energy prices in germany, higher loans and all the things, and it is very

difficult to lay off employment and manpower, for example. it is one thing. we have a real german robber with the cost structure. there is an additional cost problem, and the cost problem is at vw because they have higher wages as the usual employees in the manufacturing and automotive business, it's very complicated because it has its own supplier companies and owners supplying companies and owners supplying companies to offer things, parts and components at higher prices than the usual market suppliers over the. a few things which stress vw more than any other company, you can compare it with skoda. it is

very profitable.— compare it with skoda. it is very profitable. can i ask you, sor to very profitable. can i ask you, sorry to interrupt, _ very profitable. can i ask you, sorry to interrupt, how - very profitable. can i ask you, sorry to interrupt, how many l sorry to interrupt, how many jobs do you think are likely to have to go at vw, and how will this work with a much we are already hearing the unions are ready to fight any attempt to cutjobs. i ready to fight any attempt to cut “obs. ~ , cut jobs. i think it is difficult _ cut jobs. i think it is difficult at - cut jobs. i think it is difficult at the - cut jobs. i think it is i difficult at the moment cut jobs. i think it is - difficult at the moment to cut jobs. i think it is _ difficult at the moment to make a guess, however think they will close a plant, and then you can say about 5000 to 10,000 people, probably 20,000 people, but it is just germany. the big problem is in germany. just briefly, how will it play out of the unions say they will fight this, how does it end, do you think, very briefly? very difficult to — you think, very briefly? very difficult to say. _ you think, very briefly? very difficult to say. i _ you think, very briefly? very difficult to say. i think- you think, very briefly? very difficult to say. i think that l difficult to say. i think that they will find a solution outside, a plant could be closed outside lower saxony. that'll be a solution to the big problem.

that'll be a solution to the big problem-— that'll be a solution to the big problem. that'll be a solution to the bi roblem. ., ,, ," ., big problem. 0k, thank you for our big problem. 0k, thank you for your time- _ big problem. 0k, thank you for your time. here _ big problem. 0k, thank you for your time. here on _ big problem. ok, thank you for your time. here on bbc- big problem. 0k, thank you for your time. here on bbc news l big problem. 0k, thank you for i your time. here on bbc news we will be a crossover developments as the meetings get under way later today in germany. well, just as volkswagen cuts back, china's car makers are expanding. vw will have two more rivals to contend with now. the chances are you've never heard of omoda orjaecoo. yet they're among the fastest growing automotive brands in the world. they belong to the chinese giant chery, and they're about to target the european market. but what about the eu's plans for hefty taxes on chinese electric cars? theo leggett has been speaking to omoda and jaecoo's boss here in the uk. at this moment, it hasjust started. we are still evaluating at this moment. but i think for chery, we have more preparation. we have spain to

do the local production, so this is maybe one of our strategies to help us. but for omoda orjaecoo, the long—term, it is to bring the best products and to be localised. you say you are planning some localised reduction in barcelona. talking about other factories around europe as well, possibly one in the uk. can you elaborate? barcelona is something _ can you elaborate? barcelona is something we — can you elaborate? barcelona is something we are _ can you elaborate? barcelona is something we are committed i can you elaborate? barcelona is something we are committed toj something we are committed to doing. for uk, we are also evaluating. open for option and opportunities. it isjust evaluating. open for option and opportunities. it is just a matter of time if everything is ready, we will do it. it's just a matter of time, yes. you say you are evaluating a lot of options. does that mean the most attractive offer from whatever government will secure production in that country? it is more like a combined factors, as you know,

for such a big project or investment. it's notjust a common policy or incentives, it's also you need to look at the market volume itself and the education, because we need good technical people, engineers and factory workers. and also others like the supply chain, logistics. so it's a matter of combined factors. to help us make the final decision. when you look at the european market, it's a very crowded market. the established manufacturers and a lot of brands coming in from china, yourselves included. what makes you think that you can succeed and gain a stake in the market? for us, ithink, as you know, chery, we are the biggest car exporter among all the chinese brands. we are doing the international market for over 20 years. so we have gained a lot of experience. a single one of the most — one of our biggest advantage

is that we want to make full use of our people, our own team, and also, we want to be localised, and we treat our partners as the real partner. for example, here in the uk, we use traditional dealerships so we have developed over 60 dealers now. where do you see omoda or jaecoo in ten years time? i hope globally of course we want to be a very successful, for uk, especially here, we want to be the next korean brand. this is my personal wish, but also i hope and i am confident we will have a certain market share in uk. , , �* let's get some of the day's other news now. the uk's financial regulator is expected to slash the amount of fraud protection consumers will get from banks. under new rules, banks and payment companies would have had to reimburse fraud victims up to £615,000. but after strong pressure from ministers and the industry, that is set to be

cut to £85,000. hong kong airline cathay pacific has cancelled dozens of flights after a plane bound for zurich was forced to turn around due to an "engine component failure". the carrier says it has now inspected all 48 of its airbus a350s and found 15 aircraft with faulty parts in their rolls—royce engines that need to be replaced. cathay says disruptions will continue until at least saturday. does big tech give you a big headache? why many bosses are afraid to admit they don't understand technology. around the world and across the uk, this is bbc news.

you are with business today. japan's nippon steel has been on a pr push to try and salvage its $15 billion deal to take over us steel.

the deal now looks in trouble whoever wins the us election with both donald trump and kamala harris pledging to keep us steel american. vice president harris made her the pledge during a labor day campaign rally she held with president biden in pittsburgh, pennsylvania on monday. pennsylvania is home to us steel and a key swing state. president biden had already committed to blocking the japanese takeover. here's what she said. us steel is an historic american company, and it is vitalfor our nation to maintain vital for our nation to maintain strong vitalfor our nation to maintain strong american steel companies, and i couldn't agree more with president biden. us steel should remain american owned an american operated! so, is nippon steel giving up? apparently not. mariko oi has more on what they are saying. tell us more. as you said, it

is not giving _ tell us more. as you said, it is not giving up. _ tell us more. as you said, it is not giving up. i— tell us more. as you said, it is not giving up. i think i i is not giving up. i think i said yesterday the deal seems a bit doomed, i stand corrected. yvonne steele on a huge pr push by saying if the purchase goes ahead, it is senior management as well as a majority of board members will be american citizens. the company also said us steel will be owned by nippon steel in north america. it is a new york—based unit of the japanese steel maker and the japanese steel maker and the company emphasise it has been operating in the us for more than half a century, so directly addressing ms harris�*s concerned that the firm should remain american owned. whether or not that will be enough remains to be seen, but as i said yesterday, to gain support from politicians and labour unions, they still have the secretary of state mike pompeo as an advisor and it has announced additional investment in the steel mill so total amount of investment is almost three billion dollars. the company said its vice—chairman will be making a trip to the us. we will see whether he can

continue to negotiate the deal. 0k. continue to negotiate the deal. ok. thank you, mariko oi. to china, where president xi jinping is hosting african leaders for the 2024 summit of the forum on china—africa cooperation. china has been working to cement its influence in africa over the past decade, providing billions of dollars in loans to african nations to help build major infrastructure projects, and in the process, being criticised for saddling developing nations with huge debts. in return, china has tapped the continent's vast mineral resources. terence hove is senior financial market strategist at exness based in johannesburg, south africa. good to have you on the programme. some it is now under way. we have seen leaders arrive in beijing and they are talking about a global south of china and africa as important forces. talk us through why this summit is important. yes,

iood this summit is important. yes, good morning. _ this summit is important. yes, good morning, sally. - this summit is important. yes, good morning, sally. i- this summit is important. yes, good morning, sally. ithink. good morning, sally. ithink that since inception, it has really got a lot of traction with regards to, as you mention, those key focus areas with regards to stimulating growth for african countries. inaudible. ii growth for african countries. inaudible.— growth for african countries. inaudible. if you look at the turn of the — inaudible. if you look at the turn of the century, - inaudible. if you look at the turn of the century, trade i inaudible. if you look at the | turn of the century, trade with africa or between china and africa or between china and africa is increased to a thinker well over $160 billion, so it is growing significantly. given the high interest rate environment that we have been in, i think african leaders are going to be looking for those strong pockets of growth for their various economies. there is a lot of concern about china's prevalence across africa, its influence and control of various sectors in certain countries. from your perspective, to the benefits outweigh those concerns? yes, i

think it is always difficult to measure, because across the different african states, different african states, different aspects of negotiations are happening, so it becomes perhaps a case—by—case situation that needs to be looked into more intricately. what is evident is that other bodies need to balance out that influence because at the moment we are talking about infrastructure investments, roads, terminals, ports, possibly goes further than that. political, possibly military as well. so where you have other bodies such as the european union, but has a similar sort of wrong with african slaves, you want to see those conversations, both bilateral agreements increasing as well so that it balances out, that influence across africa. thank you forjoining

us. finally, do you struggle with new technology, but are scared to admit it? if so, it seems you are in good company. two—thirds of business leaders are afraid to admit when they don't understand new technology according to a recent survey. over half also admitted to spending money on digital services that they don't understand or have not helped the business. apparently it's down to a fear of looking old and out of touch. laura redman, managing partner at the marketing agency bbd perfect storm, which was behind the research. lovely to see you. i am a technophobe, i've said many times in this i don't get it. i understand the story. amazing. it is unfortunate _ understand the story. amazing. it is unfortunate that _ understand the story. amazing. it is unfortunate that we - understand the story. amazing. it is unfortunate that we are i it is unfortunate that we are seeing the fare after consulting a lot of business leaders back, and this is dozen by the complicity of the amount of digital solutions and channels available to them, it's becoming quite hard to understand where to and what we are finding is almost half are losing sleep over the fear of

the pace of digital change right now. the pace of digital change right nova— the pace of digital change riiht now. �* , , right now. and it is extremely fast pace- _ right now. and it is extremely fast pace. we've _ right now. and it is extremely fast pace. we've been - right now. and it is extremely fast pace. we've been talking| fast pace. we've been talking about artificial intelligence so much this year and last year. so what is the answer for those bosses of companies in this position, what should they do? i this position, what should they do? ~' ., this position, what should they do? ~ ., l, l. , do? i think to eradicate this fear, do? i think to eradicate this fear. and — do? i think to eradicate this fear, and stifle _ do? i think to eradicate this fear, and stifle innovation. | do? i think to eradicate thisl fear, and stifle innovation. it is important to raise a hand and seek advice find those experts who can support them and help them navigate through these digital spaces, because at the minute we are finding they are fair admitting they don't understand, and it is time to take a step back, face into some tough questions and get that advice and help. it is iiettin get that advice and help. it is getting the — get that advice and help. it is getting the right _ get that advice and help. it is getting the right advice and help, though, isn't it, because you get bamboozled by the it tech consultant to commune with all the language and the jargon that you really don't understand, and you end paying a lot of money for services and you still don't understand and it may not benefit your business. i it may not benefit your business.— it may not benefit your business. ~ ., , business. i think that is fine, that is also. _

business. i think that is fine, that is also, like _ business. i think that is fine, that is also, like we - business. i think that is fine, that is also, like we said, i that is also, like we said, many leaders admitting to having spent money in these places are not understanding the technology. it is important that we come together and not let technology happen to them, but let's make technology work for them and find a way to make it work for their business and make it much more worthwhile in terms of where they are investing in getting the best returns. bill investing in getting the best returns. �* ., ~ investing in getting the best returns. �* ., ,, , ., returns. all right. thank you very much- _ returns. all right. thank you very much. good _ returns. all right. thank you very much. good to - returns. all right. thank you very much. good to get i returns. all right. thank you j very much. good to get your take on that. talking about where to invest and get the best returns, today it is not in technology because it is the chipset down across the board in asia, south korea is also down nearly 3%, who can see japan, hong kong also down significantly. this off the back of our top story, the concern about nvidia and how that has spooked investors worldwide. that is business today. you are up—to—date. i will see you very soon.

hello there. we saw a lot more sunshine around across england and wales on tuesday. it was less gloomy and humid as well, but a cooler, fresher feel to things for the middle parts of the week for pretty much all areas, and we'll see a mixture of sunshine and showers. now, this area of high pressure has been trying to push in from the west to settle things down. we've got a number of weak weather fronts across the uk, giving areas of cloud and some patchy areas of rain and showers. but what you will notice is the cooler and fresher air mass, which is across the country to begin wednesday. and, again, it's going to be quite chilly to start the day across parts of scotland and northern ireland, certainly out in the countryside. low single digits for england and wales, also a little bit fresher, 10—14 degrees. but we'll have those weather fronts bringing patches of rain and some showers around, some sunshine in between, and as we go into the afternoon, it will be one of sunshine and showers, the odd heavier one here and there. and temperature—wise,

you will notice that 15—20 degrees from north to south, so that will feel a lot fresher than of late — we'll have lost the humidity as well. now, as we head into wednesday night, we start to see the showers merging together to produce longer spells of rain across the midlands, southern and eastern england. this area of rain will turn heavy as it pushes in towards wales and the southwest. further north, it's a drier picture, clear skies again across western scotland, so cooler here, but further south and east starts to pick up more cloud and humidity from the near continent. now, thursday looks particularly wet across southern britain. this area of low pressure over the near continent is going to spin up some pretty heavy rainfall and also stronger easterly winds with higher humidity, so very wet indeed across parts of mid — south wales, the midlands southwards. further north, it's quieter into an area of high pressure. we've got sunshine for scotland, northern ireland, but fairly grey conditions for eastern scotland and eastern england, with a strong easterly wind developing here. so a warm day to come in the north, with sunshine,

even the high teens, low 20s in the south, but it will feel more humid. friday, another weather front brings heavy rain again across southern areas, and into the weekend, we hold on to this area of low pressure, which will affect more southern parts of the country, whereas further north, you'll be into an area of high pressure, so it should tend to stay drier throughout. friday could see that heavy rainfall across parts of wales and southern england, and we'll see further showers into the weekend for england and wales — drier and sunnier further north.

good morning, welcome to breakfast with nina warhurst and jon kay. our headlines today. six children and a pregnant woman are among 12 people killed in the english channel, after a boat carrying dozens of migrants sinks off the french coast. seven years after the grenfell tower fire, the final report into what caused the disaster is published this morning. survivors say they're hoping for answers and justice. grenfell should have been a catalyst of change. it doesn't quite feel like that. i'm hoping that it's going to put people's lives first rather than profit. the government's controversial plan to limit winter fuel allowance the number of people reporting financial scams has hit a record high this year. and there are concerns new rules setting levels of compensation could reduce the amount people can claim back.