But the outsize chipmaker rout may have had its origin in a move by China. The Philadelphia Semiconductor Index fell 5.7% Thursday, its worst session since mid-June, following news that China is planning a sweeping set of new government policies to develop its domestic semiconductor industry and counter recent Trump administration restrictions. Shares of Nvidia Corp. tumbled 9.3%, the most since March 16. It has also instituted bans on ByteDance Ltd.’s TikTok and Tencent Holdings Ltd.’s WeChat and has sanctioned Huawei Technologies Co. Following these restrictions, China’s reaction is no surprise, Hogan said.

Source: The Edge Markets September 03, 2020 21:33 UTC