XLNX - Chip stocks rally after China U.S. trade associations team up

The Chinese Semiconductor Industry Association ((CSIA)) is forming a working group with its U.S. trade association equivalent, Semiconductor Industry Association ((SIA)).The companies representing each association will meet twice a year to discuss important industry matters, including trade policies and intellectual property.The CSIA announced the group but didn't disclose when the first meeting will happen or which companies will be involved.The cooperation comes during a global chip shortage that is hitting the automotive industry particularly hard.The Philadelphia Semiconductor Index is up 4.2% compared to the 2,6% gain for the broader tech sector (XLK).Top components on the move include foundry giant TSMC ([[TSM]] +5.8%), semiconductor equipment companies Lam Research ([[LRCX]] +3.9%) and KLA ([[KLAC]] +4.8%), and companies with strong auto exposure, including Cree ([[CREE]] +8.7%) and Xilinx ([[XLNX]] +5.5%).Shares of Chinese foundry giant SMIC (SMICY) closed the day in Hong Kong up over 10%.SMIC is under a U.S. ban that requires suppliers to apply for licenses, which are

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Chip stocks rally after China, U.S. trade associations team up