TECH - AMD TSMC Broadcom And Other Chip Stocks Hit By Biden's Fresh AI Chip Export Restrictions: Details | Benzinga
The Biden Administration’s embargo on AI chip exports to the Middle East has triggered a selloff in the broader sector.
VanEck Semiconductor ETF (NASDAQ:SMH) and iShares Semiconductor ETF (NASDAQ:SOXX), representing the broader sector, are trading lower by close to 3%.
The U.S. government has initiated a review of high-volume sales to the United Arab Emirates and Saudi Arabia, which affect AI chip companies like Nvidia Corp (NASDAQ:NVDA) and Advanced Micro Devices Inc, leading to a selloff in the stocks.
Washington issued similar restrictions on China in 2023, further exacerbating the geopolitical tensions between the countries. China is a leading semiconductor company in the market.
Other chip stocks including key Nvidia supplier Taiwan Semiconductor Manufacturing Co (NYSE:TSM), Broadcom Inc (NASDAQ:AVGO), Qualcomm Inc (NASDAQ:QCOM), Micron Technology, Inc ...