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two chinese state-owned shipbuilding giants plan to merge. nvidia records largest one-day market value drop in us stocks. intel may be removed from the dow jones index. former volkswagen ceo winterkorn will appear in court for the "emissions gate" scandal. harris said that us steel should continue to be owned by americans. new world development will have its first annual loss in 20 years.

two chinese state-owned shipbuilding giants plan to merge.shipbuilding group china cssc holdings plans to absorb smaller peer china shipbuilding industry through a share swap.china shipbuilding will issue a-shares to china heavy industry shareholders in exchange for their shares. details of the share swap plan have not yet been determined. in 2023, chinese shipyards produced more than half of the world's commercial ships. as of the close of trading on september 2, the market capitalizations of china shipbuilding and china heavy industry were 156.1 billion and 113.6 billion, respectively, with a combined market capitalization of nearly 270 billion.

u.s. semiconductor stocks collectively plunged on tuesday, with nvidia plunging 9.5% and its market value evaporating by $278.9 billion, setting the largest single-day market value drop in history of u.s. stocks.since the company's earnings report last week failed to meet the market's most optimistic expectations, nvidia's stock price has fallen 14% in three trading days. intel fell 8.8%, micron fell 7.96%, amd fell 7.82%, applied materials fell 7.04%, qualcomm fell 6.88%, tsmc fell 6.53%, and broadcom fell 6.16%.