Semiconductor Shares Decline After U.S. Takes Action on Exports
September 01 2022 - 12:19PM
Dow Jones News
By Stephen Nakrosis
Shares of several chip makers are trading lower Thursday amid a
broad market decline, after the U.S. government imposed new
licensing requirements on shipments of some of the more advanced
chips to China.
The Wall Street Journal reported that the U.S. Commerce
Department declined to comment on changes to its policy, but did
say the action was aimed at keeping China from obtaining American
technology to advance its military.
At 11:37 a.m. ET, shares of Nvidia Corp. were trading 11.21%
lower, at $134.19 a share. On Wednesday, Nvidia said it could lose
up to $400 million in quarterly sales after the new licensing
requirements were impose, as reported by The Wall Street
Journal.
Shares of Advanced Micro Devices Inc. were trading 6.83% lower
at 11:39 a.m. ET, down to $79.07 a share. Applied Materials Inc.
shares had fallen 4.26% at 11:40 a.m. ET, to trade at $90.05 each.
At 11:41 a.m. ET, Qualcomm Inc. shares were down 3.74%, at $127.32
a share. Shares of Broadcom Inc. were trading 3.27% lower at 11:43
a.m. ET, at $482.89 a share.
The tech heavy Nasdaq was down 2.03% just before midday
Thursday.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
September 01, 2022 12:04 ET (16:04 GMT)
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