Shares of high-tech companies fell after reports that China would ban the use of U.S.-made semiconductors for civil servants.
Shares of Intel and Advanced Micro Devices fell.
The Silicon Valley giant's recent woes worsened as Apple shares fell on reports that the European Union was considering antitrust measures. The EU has launched an investigation into Apple, Metaplatforms and Google's parent company Alphabet under sweeping new digital competition laws, adding to the regulatory scrutiny that US tech giants face around the world. There is.
“Apple is doing incredibly well and appears to have made smart moves over the years,” said J.D. Joyce, president of Joyce Wealth Management, a financial advisory firm in Houston. “But I think if you not only have to fight for market share and business, but you also have to fight against government agencies – basically China, the US, the EU – it's going to take away some of their focus. People will think.”
Chip designer Qualcomm announced that it had canceled its planned acquisition of Autotalks, citing a lack of timely regulatory approval.
Despite the overall slump in the semiconductor niche market, artificial intelligence chipmaker Nvidia's stock is on the rise, more than doubling since the beginning of the year.
“It's up over 21% this month alone… It's true that trees don't grow to the sky, but it's also true that there's a lot of good news that seems to be moving AI forward,” Joyce said.
“That's probably the reason,” as we expect strong growth in this part of the market and, by extension, Nvidia's revenue. [the valuation] It tastes better,” Joyce said.
Email Rob Curran at rob.curran@dowjones.com.
(Ended) Dow Jones News
March 25, 2024 17:17 ET (21:17 GMT)
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