George Glover
U.S. chip stocks were sliding on Tuesday after a report said that the Trump administration is planning to beef up curbs on the sector in a bid to stop China from winning the artificial-intelligence arms race.
Nvidia shares fell 0.5%. Advanced Micro Devices stock slipped 0.1%, Broadcom shares dropped 0.3%, and Intel stock tumbled 1.5%, although shares of Qualcomm bucked the trend with a 1% gain
The selloff came after a report about the White House's plans to limit chip sales to China spooked investors. The White House is drawing up plans for tougher restrictions and putting pressure on allies to ramp up their own curbs, according to Bloomberg, which cited people familiar with the matter.
The Trump administration has also met with Japanese and Dutch officials to discuss limiting Tokyo Electron and ASML engineers from maintaining chip-manufacturing tools in China, per the outlet. Tokyo Electron shares dropped 4.9% Tuesday, while ASML was down 0.3% in early U.S. trading.
Write to George Glover at george.glover@dowjones.com
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(END) Dow Jones Newswires
February 25, 2025 09:59 ET (14:59 GMT)
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