Chip stocks hit by report of Biden Huawei ban
1/30/23 3:52 PM ET (MarketWatch)Print
Chip stocks faced even more pressure Monday following a report President Joe Biden will ban U.S. chip makers from doing business with China's Huawei Technologies Co. The PHLX Semiconductor Index fell to around 2,865 from 2,885 following a report from Bloomberg News that the Biden Administration was contemplating cutting off handset and mobile device maker Huawei off from U.S. suppliers like Intel Corp. (INTC) and Qualcomm Inc. (QCOM), which had just settled a longstanding patent-license dispute with Huawei in late 2020.
-Wallace Witkowski
(END) Dow Jones Newswires
January 30, 2023 15:52 ET (20:52 GMT)
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