WYNN - U.S. cracks down on top Chinese chip maker

The Commerce Department is reported to have instructed U.S. chip companies in a broad letter to the industry that they must obtain licenses before exporting certain technology to Semiconductor Manufacturing International (SMICY), which is China's largest manufacturer of semiconductors.The letter warns that exports to Semiconductor Manufacturing or its subsidiaries risk being used for Chinese military activities.Company statement: "SMIC reiterates that it manufactures semiconductors and provides services solely for civilian and commercial end-users and end-uses. The Company has no relationship with the Chinese military and does not manufacture for any military end-users or end-uses."The tension between the U.S. and China has centered mainly on tech names like TikTok and Huawei, but there remains the outside chance that U.S. mainstays likes Starbucks (SBUX) and Wynn Resorts (WYNN) could feel some heat in China if there is an escalation.Despite growing trade friction between the U.S. and China, the iShares MSCI China ETF is

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U.S. cracks down on top Chinese chip maker