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1057 Biden Chip Worries Send Stocks Plunging

The Information
Martin Peers @ The Information · 07/17/2024 20:00 EDT

No one can accuse President Joe Biden of sucking up to the tech industry as he tries to win reelection. Tech stocks slumped across the board on Wednesday after Bloomberg reported that the Biden administration is considering imposing “the most severe trade restrictions available” on Netherlands-based ASML and Japan’s Tokyo Electron in a new effort to curb China’s access to advanced chipmaking equipment. The report suggests the Biden administration feels measures it has taken to block exports of chip hardware

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