China Chip Stocks Tumble as Biden Expands Technology Curbs – Bloomberg
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
Americas+1 212 318 2000
EMEA+44 20 7330 7500
Asia Pacific+65 6212 1000
Shares of semiconductor companies fell Monday, with the industry selling off globally after fresh US curbs on China’s access to American technology added to a disappointing start to the earnings season, stoking concern that the industry’s downturn is far from over.
The Philadelphia Stock Exchange Semiconductor Index fell 3.5%, closing at its lowest level since November 2020. The index dropped nearly 10% over the past three trading days, and is now down more than 40% so far this year. Semiconductor capital equipment companies led the day’s declines, with Applied Materials Inc. tumbling 4.1%, Lam Research Corp. off 6.4% and KLA Corp. down 4.7%. Advance Micro Devices Inc. dropped 1.1%, ending at its lowest since July 2020, while Marvell Technology Inc. shed 4.8%.
