The U.S. Department of Commerce last week ordered numerous chip equipment companies to halt certain tool shipments to China’s second-largest chipmaker Hua Hong, Reuters reports, citing two people familiar with the matter. The department sent letters to at least a handful of companies informing them of the new restrictions on tools and other materials destined for Hua Hong facilities that U.S. officials believe will make China’s most sophisticated chips, the people said. Top U.S. chip equipment companies Lam Research (LRCX), Applied Materials (AMAT) and KLA (KLAC), each of which has significant business supplying China, were among those believed to have received a letter, the sources added.
Meet Samuel – Your Personal Investing Prophet
High conviction LRCX bulls now have this Tradr ETFPublished first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LRCX:
- KLA Corp. price target raised to $2,100 from $1,850 at BofA
- Applied Materials price target raised to $465 from $420 at BofA
- NVDA, AMD, QCOM: Chip Stocks Catch Fire Again after Intel’s Blowout Earnings
- Lam Research Signals AI-Fueled Surge in Earnings
- Lam Research price target raised to $330 from $265 at Oppenheimer