Chip stocks are down today and we’re diving into all of the news weighing on the sector on Wednesday.
Part of the concerns keeping chip stocks down today are fears of more restrictions on exports to China. Reports claim the U.S. has told allies that it’s considering placing some of the strictest restrictions on chip companies from sending their products to China.
On top of that, former President Donald Trump made some comments concerning Taiwan. That includes suggesting that the country should pay the U.S. for its protection. That’s another blow to chip stocks as Trump is running in the 2024 presidential election.
Derren Nathan, head of equity research at Hargreaves Lansdown, said this about the comments.
“There’s no doubt this would cause significant short-term disruption but at the same time the opening of new facilities in the likes of Europe and the United States could see the industry’s reliance on Asia start to subside over the next few years”
Chip Stocks Down Today
- Nvidia (NASDAQ:NVDA) stock is falling 5.8% as of Wednesday afternoon.
- Super Micro Computer (NASDAQ:SMCI) stock is dropping 5.5% as of this writing.
- Qualcomm (NASDAQ:QCOM) stock is taking a 6.8% beating this afternoon.
There are even more stock market stories traders will want to read about below!
We have all of the hottest stock market news investors need to know about on Wednesday! A few examples include what’s happening with shares of Microsoft (NASDAQ:MSFT), Archer Aviation (NYSE:ACHR) and ASML (NASDAQ:ASML) stock. All of these stories are ready at the links below!
More Wednesday Stock Market News
- Bank of America Just Raised Its Price Target on Microsoft (MSFT) Stock
- ACHR Stock Alert: Archer Receives Funding to Expand Manufacturing Facility
- ASML Stock Alert: ASML Rocks Chip Stocks with China Warning
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.
