Verizon to cut 15,000 jobs amid growing competition pressures - WSJ
Investing.com-- Shares of Chinese chipmakers rose sharply on Thursday after a Reuters report said Beijing plans to ban the use of foreign-made artificial intelligence chips in state-funded data centres.
The guidance, according to the report, directs new government-backed data centre projects to use only domestically produced AI chips.
Projects that have already installed foreign chips but are less than 30% complete will be required to remove or cancel them, the report said on Wednesday, citing sources familiar with the matter.
Cambricon Technologies Corp (SS:688256) surged 7% in Shanghai trading, while Hong Kong-listed Semiconductor Manufacturing International Corp (SMIC) (HK:0981) jumped 5%.
Hua Hong Semiconductor (HK:1347) shares rose 4%, while Meituan (HK:3690) stock gained 2% in Hong Kong trading.
Hong Kong’s Hang Seng TECH sun-index jumped over 2% on Thursday.
The move underscores Beijing’s determination to achieve self-sufficiency in advanced chipmaking and reduce reliance on U.S. suppliers such as NVIDIA Corporation (NASDAQ:NVDA).
The decision comes after the U.S. administration said that Nvidia’s most advanced Blackwell AI chips were reserved for domestic use and would not be given to China due to national security concerns.