- Republican lawmakers warned Apple Inc (NASDAQ:AAPL) against intense scrutiny lest it procured memory chips from controversial Chinese semiconductor manufacturer Yangtze Memory Technologies Co for the new iPhone 14, the Financial Times reports.
- The lawmakers expressed alarm at reports suggesting Apple would add the Yangtze to its list of suppliers for Nand flash memory chips meant for storing data on smartphones.
- Apple acknowledged not using YMTC chips in products and evaluated sourcing from YMTC for Nand chips for some iPhones sold in China.
- The lawmakers argued that YMTC has extensive ties to the Chinese Communist party and military and broke export control laws by selling goods to Huawei Technologies Co, Ltd.
- Apple will effectively be transferring knowledge and know-how to YMTC that will supercharge its capabilities and help the CCP achieve its national goals, they cautioned.
- A Democratic lawmaker has also privately raised concerns about YMTC.
- Earlier, a bipartisan group of senators urged the government to put YMTC on the “entity list” for violating export control rules by selling memory chips to Huawei.
- They accused Beijing of subsidizing YMTC, making way for it to dominate the sector.
- Apple did not respond to lawmakers’ and congressional YMTC-related speculation queries.
- Recently U.S. restricted sales of high-performance AI Nvidia Corp (NASDAQ: NVDA) chips for servers, the A100 and H100, to China and Russia.
- Price Action: AAPL shares traded higher by 0.67% at $155.49 in the premarket on the last check Friday.
- Photo by Matias Cruz from Pixabay
Banc of California Q3 EPS $0.44 Misses $0.47 Estimate
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