Intel (NASDAQ:INTC) stock is sliding lower on Friday as the semiconductor company deal with reports of China limiting its use in the country.
China has reportedly been making strides in reducing its reliance on technology from the United States. That includes phasing out computers and other devices that make use of chips from Intel and Advanced Micro Devices (NASDAQ:AMD).
The latest news is that China wants telecom companies to limit the use of devices with chips from these two companies. This puts further stress on INTC and AMD shares as the companies are losing out on a large market in China.
The last time news like this spread it was limited to computers used by government employees. Now it appears that China is ready to keep these limitations going as it wants to use chips made from companies in the country instead. This all comes amid growing tension between the U.S. and China.
How This Affects INTC and AMD Stock
News of China increasing limits on U.S. chips has both INTC stock and AMD stock down on Friday morning. That includes a 3.4% drop for INTC shares and a 3.9% decrease for AMD shares.
The bad news for Intel and AMD could continue throughout 2024. It seems likely that China will continue to limit other industries from using U.S. chips as time progresses.
There are more stock market stories that traders need to know about below!
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On the date of publication, William White did not hold (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.
