Chip stocks are on the move Tuesday thanks to reports of an upcoming announcement from President Joe Biden’s administration.
According to these reports, the Biden Administration is preparing to place additional limitations on China’s access to U.S. semiconductor technology. This would build on previous efforts by the government to reign in China’s industrial plans.
The reports claim that the new rules will keep China from getting some of the best chip production technology from the U.S. That includes any tech used to create 14 nanometer or better semiconductors, reports Bloomberg.
The recent reports also alleged that the Biden Administration will codify restrictions recently placed on Advanced Micro Devices (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA). Let’s take a look at how this news is affecting these chip stocks below!
Chips Stocks Up on Tuesday
- AMD stock starts us off with the semiconductor stock seeing a 2.7% increase in pre-market trading. That builds on a 4.3% gain the stock saw during normal trading hours on Monday. Also, pre-market trading volume is sitting at about 740,000 shares, as compared to its daily average of 79 million shares.
- NVDA stock is next with the chipmaker’s shares increasing 2.5% in early morning trading. That’s in addition to the 3.1% jump those shares saw during typical trading hours yesterday. The company’s pre-market trading volume comes in at roughly 811,000 shares with its daily average being around 56 million shares.
Investors looking for more recent stock market news will want to keep reading!
We’ve got all of the hottest stock market news traders need to know about on Tuesday! That includes the biggest pre-market stock movers from this morning, as well as the latest on Lottery.com (NASDAQ:LTRY) and Cathie Wood. You can learn all about these matters at the following links!
More Tuesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- What Is Going on With Lottery.com (LTRY) Stock Today?
- Cathie Wood Is Doubling Down on This Software Stock
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.