Chip stocks shed $480bn on China trade fears, Trump’s Taiwan comments
Al Jazeera
US told allies it is considering using the most severe trade curbs available if companies continue giving Beijing access to advanced semiconductor technology.
Wall Street’s semiconductor index lost over $480bn in stock market value on Wednesday and headed for its worst session since 2022 after a report said Washington was mulling tighter curbs on exports of advanced semiconductor technology to China.
Remarks from Republican presidential nominee Donald Trump saying key production hub Taiwan should pay the United States for its defence deepened selling in chip stocks.
The US has told allies it is considering using the most severe trade curbs available if companies continue giving Beijing access to advanced semiconductor technology, Bloomberg News reported on Tuesday.
US-listed shares of Dutch chipmaking equipment provider ASML Holding slumped 11 percent following the report even though it beat second-quarter profit estimates.
AI heavyweight Nvidia fell almost 7 percent, losing more than $200bn in market capitalisation.
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