US - China Tensions Acted As Boost For Chinese Chipmakers Unlike Their Counterparts - Report - Intel (NASDAQ:INTC), Taiwan Semiconductor (NYSE:TSM)

Shares of Chinese chipmakers rallied amid brewing Sino-American tensions, expecting Beijing to step up support for domestic firms to bolster the critical technology, Bloomberg reports.
Semiconductor Manufacturing International Corp and Hua Hong Semiconductor Ltd's advances performed better than the benchmark Hang Seng Index on August 3.
Also Read: Winners and Losers From US Chip Restrictions On China
The U.S. started imposing restrictions on China's access to cutting-edge semiconductor tech by curbing the access of SMIC and other leading chipmakers to global technology.
U.S.'s Chips and Science Act prohibited companies from materially expanding the production of chips more advanced than 28-nm in China. Intel Corp INTC and Taiwan Semiconductor Manufacturing Company Ltd TSM are frontrunners for the grant as they have started working on their U.S. plants entailing huge investments.
The restrictions imposed by the U.S. on China will pose as a huge set back for the chipmakers who are keen on their expansion in the country.
Additionally, Speaker Nancy Pelosi's visit to Taiwan aggravated tensions and will likely force Beijing to hasten the local development of advanced chips.
Photo by mohamed hassan via Pxhere

US - China Tensions Acted As Boost For Chinese Chipmakers Unlike Their Counterparts - Report