TSEM - Intel Qualcomm CEOs to meet with officials in Washington on China policy - report

2023-07-16 08:00:00 ET

The chief executives of Intel ( NASDAQ: INTC ) and Qualcomm ( NASDAQ: QCOM ) are expected to visit Washington this week to discuss China policy.

The executives will hold meetings with U.S. officials to discuss market conditions, export controls, and other matters that impact their business, according to a Reuters report on Friday, which cited people familiar with the matter. It's not immediately known who the executives will meet with on their visit. Other CEOs of semiconductor companies may also be in Washington to meet with officials.

The meetings come in the wake of the U.S. planning fresh restrictions on exports to China. The U.S. could potentially curb Chinese companies' access to cloud-computing services, as the WSJ reported earlier this month.

In addition, Bloomberg reported last month that the Biden administration may complete an executive order that may cut off certain U.S. investments in China as soon as late this month.

Intel CEO Pat Gelsinger's meeting in Washington may be especially crucial as the company works to get its $5.2 billion purchase of Tower Semiconductor ( TSEM ) across the finish line, ahead of a Aug. 15 termination deadline. The deal is waiting for approval from China's antitrust regulator and appears to be at least partly caught in a trade battle between the two countries.

Towe Semiconductor ( TSEM ) gained 3.2% on Tuesday amid a report that Intel's ( INTC ) Gelsinger visited China last week and was scheduled to meet with China's antitrust authority, the State Administration for Market Regulation. The visit to China was the Intel CEO's second in recent months as he worked to convince Chinese regulators to approve the transaction.

Intel's Gelsinger said in late April that the semiconductor giant was making "progress" with Chinese regulators as far as its planned $5.4 billion acquisition of Tower Semi after meetings in China.

More on U.S.-China chip war

• Japan, Netherlands to join chip war against China
• China Chip Export Restriction Analysis - AMD Vs. Nvidia
• SMH ETF: The Nvidia Effect & De-Risking Of Supply Chain
• Qualcomm, chip equipment makers lead semis lower as sector deals with new export rules
• Tower Semiconductor: Tough Current Market Climate, But Long Term Remains Appealing
• Silicon Motion, Tower Semiconductor fall on report of slowdown in China deal reviews
• Biden Administration may revoke Huawei export licenses

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