On Friday, Washington announced new rules to restrict sales of semiconductor technology to China.
Under the regulations US companies must apply for a licence to supply Chinese chipmakers with equipment that can produce more advanced chips.The measures, some of which take effect immediately, mark one of the biggest shifts in US policy toward exporting technology to China in decades.
In the US on Monday, the technology-heavy Nasdaq index closed at its lowest level since July 2020 as shares in chipmakers Intel, Nvidia, Qualcomm and Advanced Micro Devices fell. Technology shares around the world have also been hit in recent weeks by lower demand for electronic products ranging from computers to smartphones.The world's biggest maker of smartphones said profits from its microprocessor making business suffered as global prices of memory chips plunged due to weakening demand for consumer electronics.
Nomura research analysts Sonal Varma and Si Ying Toh said "The chip downturn suggests a deeper export decline lies ahead." "So far, export growth has already turned negative in September in India, but the evidence is growing that export growth across more Asian economies will turn negative in Q4," they said in a note on Tuesday.Watch: How the semiconductor shortage could be a problem for you
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