Caixin
Jul 07, 2022 03:29 AM
BUSINESS

Chinese Chipmakers Surge After U.S. Pushes for More Industry Curbs

China’s chip industry is growing faster than anywhere else in the world after U.S. sanctions on local champions
China’s chip industry is growing faster than anywhere else in the world after U.S. sanctions on local champions

(Bloomberg) — Washington’s latest move to restrain Beijing from fostering its chipmaking industry is powering China’s semiconductor stocks as the U.S. restrictions could fire up support for homegrown technology.

China chipmakers were one of the few bright spots in the markets Wednesday after Bloomberg News reported that the U.S. is pushing the Netherlands to ban ASML Holding NV from selling technology to China that’s essential in making a large chunk of the world’s chips. That and better-than expected earnings spurred a rally in chip stocks in China, with investors seeing U.S. restrictions accelerating sales for domestic companies as tech businesses seek onshore substitutes.

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