Micron shares tumble 6% after China bans the US giant's microchips - and other semiconductor stocks are swinging too
The stock fell 6% to trade at $64 shortly before 6 a.m. ET after Beijing's latest move, with its Frankfurt-listed shares slipping the same amount Monday morning.
Those losses came after China's cybersecurity regulator ordered companies dealing with critical information to stop buying Micron's products on Sunday.The Biden administration banned new equipment from China's Huawei and ZTE in November last year on the grounds they posed an"unacceptable risk" to cybersecurity.
Beijing hit back by launching a probe into Micron in April, setting the stage for Monday's full-blown ban."This action, along with recent raids and targeting of other American firms, is inconsistent with the PRC's assertions that it is opening its markets and is committed to a transparent regulatory framework," the department said in a statement.
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