Chip stocks faced even more pressure Monday following a report President Joe Biden will ban U.S. chip makers from doing business with China’s Huawei Technologies Co. The PHLX Semiconductor Index SOX fell to around 2,865 from 2,885 following a report from Bloomberg News that the Biden Administration was contemplating cutting off handset and mobile device maker Huawei off from U.S. suppliers like Intel Corp. INTC and Qualcomm Inc. QCOM, which had just settled a longstanding patent-license dispute with Huawei in late 2020.
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