Global Chip Stocks Tumble as Biden Expands Technology Curbs

(Bloomberg) — Semiconductor stocks across the globe slipped Monday after fresh U.S. curbs on China’s access to American technology added to a disappointing start to the earnings season, stoking concerns that the industry’s downturn is far from over.

In China, bellwether Semiconductor Manufacturing International Corp. fell 4% in Hong Kong, the most in five weeks. Declines were steeper in smaller stocks. Hua Hong Semiconductor Ltd. sank 9.4%, while Shanghai Fudan Microelectronics Group Co. plummeted 20%, the most since July 2020. Will Semiconductor Co. and Maxscend Microelectronics Co. dropped more than 6% each.