ASML Shares Surge Over 7% As Team Biden Plans To Exempt Allies From New Rule On Foreign Chip Equipment Export To China
Portfolio Pulse from Benzinga Neuro
ASML shares surged over 7% following the Biden administration's announcement of a new rule on foreign chip equipment exports to China, which exempts key allies like Japan, the Netherlands, and South Korea. This rule positively impacted other major chip makers like NVIDIA and AMD.
July 31, 2024 | 9:31 am
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POSITIVE IMPACT
AMD shares surged 9.43% in pre-market trading following the announcement of the new export rule, which exempts key allies from restrictions.
The exemption of key allies from the new export rule positively impacts AMD, as it reduces potential supply chain disruptions.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 70
POSITIVE IMPACT
ASML shares surged over 7% following the Biden administration's announcement of a new rule on foreign chip equipment exports to China, which exempts key allies like Japan, the Netherlands, and South Korea.
The exemption of key allies from the new export rule means ASML will not be affected, leading to a significant rise in its share price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
NVIDIA shares rose 5.20% in pre-market trading following the announcement of the new export rule, which exempts key allies from restrictions.
The exemption of key allies from the new export rule positively impacts NVIDIA, as it reduces potential supply chain disruptions.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70