Chip Stocks Tumble on Fears of Tighter US Curbs on Sales to China
Reports of looming US export restrictions to China cause chip stocks to plummet, impacting ASML, Nvidia, AMD, Qualcomm, Arm, and TSMC. US chipmakers see a decline in sales to China, while generative AI and hardware drive market rallies.
ASML beats Q2 estimates despite the sell-off. TSMC remains dominant in advanced chips for AI, smartphones, and fighter jets.
Concerns over potential conflict escalate with Trump's Taiwan comments. Tech stocks make a small comeback after Nasdaq's worst day in 2022, boosted by TSMC's positive results.
TSMC's strong earnings and raised 2024 outlook signal confidence in the AI boom. Investors closely watch the US presidential race, with Trump and Biden facing key campaign points and potential impacts on the market.
TSMC beats Q2 estimates and raises Q3 guidance, with strong demand for advanced technologies. The company plans to increase capital expenditures, benefiting semiconductor equipment makers like ASML.
AI investments contribute to TSMC's earnings surpassing smartphone chip revenue for the first time.
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