The Philadelphia Stock Exchange Semiconductor Index closes at its lowest level since November 2020
Shares of semiconductor companies fell on Monday, with the industry selling off globally after fresh US curbs on China’s access to American technology added to a disappointing start to the earnings season, stoking concern that the industry’s downturn is far from over.
The US measures include restrictions on the export of some types of chips used in artificial intelligence and supercomputing, and also tighter rules on the sale of semiconductor equipment to any Chinese company. Separately, the US also added more Chinese firms to a list of companies that it regards as “unverified”, which means US suppliers will face new hurdles in selling technologies to those entities.
The new US rules come at a time when the chip industry is already grappling with an ominous start to the earnings season and has gone from a worldwide shortage of chips to a glut in a matter of months due to the boom-and-bust nature of semiconductor demand. The curbs are a “big setback to China” and “bad news” for global semiconductors, Nomura analyst David Wong wrote in a note. China’s localisation efforts may also be “at risk as it may not be able to use advanced foundries in Taiwan and Korea”, he wrote.
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