Advanced Micro Devices, Inc. (NASDAQ:AMD) shares are trading lower by some 2.2% to $106.90 Thursday afternoon. Semiconductor and chip stocks have dropped amid tech sector weakness, fueled by rate hike concerns post-U.S. jobs data. China’s iPhone crackdown and Huawei’s 5G Kirin 9000s chip-powered smartphone have added pressure to several sector stocks.
AMD, like many semiconductor companies, operates within a global supply chain. A ban on iPhones within certain government and state-owned entities in China could be seen as a sign of escalating trade tensions between China and the United States.
Such tensions could lead to disruptions in the supply chain for semiconductor companies like AMD, potentially affecting their production and sales.
What You Need To Know
China’s move against the U.S. to broaden its ban on iPhones in sensitive departments encompassing government-backed agencies and state companies signaled increasing difficulties for Apple Inc in its largest foreign market and global production hub. The ban comes on the heels of Apple’s latest iPhone model launch.
This move comes amid Beijing’s efforts to reduce reliance on American technology, further fueled by the U.S. sanctions on China over semiconductor technology and efforts to reduce supply chain dependence on China…Read More
According to data from Benzinga Pro, AMD has a 52-week high of $132.83 and a 52-week low of $54.57.
