Chip stocks are down on Monday after China said it plans to shift away from using semiconductors created by Intel (NASDAQ:INTC) and Advanced Micro Devices (NASDAQ:AMD).
According to recent reports, China no longer wants to use chips made by Intel or AMD in government computers and laptops. Instead, the country is advising government workers to switch to products with semiconductors made by domestic technology companies.
Investors will note that China’s decision comes at the same time that the U.S. is making similar moves. To reduce its reliance on China, the U.S. passed the 2022 CHIPS and Science Act. This has many companies switching processor manufacturing to the U.S.
It’s not just Intel and AMD that are affected by this news. Microsoft (NASDAQ:MSFT) is also included in China’s guidelines. The foreign government wants to switch to operating systems that aren’t made in the U.S. along with its chip changes, reports Reuters.
Let’s check out how this news is affecting chip stocks below!
Chip Stocks Moving Today
Starting with Intel, INTC stock is down 3% as of Monday morning. That comes as some 14 million shares trade hands. Its daily average trading volume is about 45 million shares.
Moving on to AMD stock, the company’s shares are falling slightly as of this writing. This comes with more than 16 million shares traded. Its daily average trading volume is still above that at roughly 77 million shares.
Investors seeking out more of the most recent stock market stories are in luck!
We have all of the hottest stock market news on Monday! Among that is what has shares of United Airlines (NYSE:UAL), Joann (NASDAQ:JOAN) and Sintx Technologies (NASDAQ:SINT) stock moving today. All of that news is ready to go at the links below!
More Monday Stock Market News
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.
