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    Home » Global technology stocks plunge amid fears over chip industry
    Business

    Global technology stocks plunge amid fears over chip industry

    The market turmoil arose from a report that the US government plans to impose its strictest controls yet on semiconductor equipment exports to China.
    News DeskBy News DeskJuly 18, 2024
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    Rep Image | Image Credits: Freepik | Cropped by BH

    United States: Technology stocks worldwide have dropped due to concerns over the global computer chip industry. The selloff was triggered by reports suggesting that the Joe Biden administration might further tighten restrictions on exports of semiconductor equipment to China. Adding more to the issue, former US President Donald Trump remarked that Taiwan, the leading producer of chips, should finance its defence.

    In the US, the tech-heavy Nasdaq index fell by 2.7 percent. Major chip stocks, including Nvidia and AMD, experienced significant losses in Europe and Asia. Nvidia closed 6.6 percent lower, while AMD saw a decline of over 10 percent.

    Asian markets also felt the impact. Taiwan Semiconductor Manufacturing Company (TSMC) traded more than 3 percent lower, and semiconductor equipment maker Tokyo Electron dropped around 9.5 percent.

    gradient-stock-market-concept
    Rep Image | Image Credits: Freepik | Cropped by BH

    European markets experienced these declines, with shares in ASML, a producer of chip-making machines, tumbling almost 11 percent.

    The market turmoil followed a report indicating that the US government is preparing to implement its strictest controls yet on semiconductor equipment exports to China. This move could affect companies like ASML and Tokyo Electron, which provide advanced chip technology to China.

    This is not the first time the Biden administration has moved to limit China’s access to advanced chip technology. In October, the US restricted exports of advanced semiconductors used in artificial intelligence (AI) to China.

    GettyImages-tsmc
    Image Credits: Getty Images | Cropped by BH

    Bob O’Donnell, chief analyst at TECHnalysis Research, commented on the situation that, “Regardless of the outcome of the elections… I think we will see the US increase some of the restrictions. How far they will take it, though, is the big question.”

    Taiwan plays a crucial role in the global chip supply, producing the majority of the world’s advanced chips. Trump’s remarks on Taiwan have further fuelled concerns about potential disruptions in the chip supply chain.

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    The news/article published above has been sourced, compiled, and corroborated by a member of the Britain Herald News Desk Team. If you have any queries or complaints about the published material, please get in touch with us at BritainHerald@Gmail.Com

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