Trump's Huawei ban could hurt chipmakers like Intel and Qualcomm, but one analyst thinks the processor industry has bigger things to worry about

The Trump administration's ban on Huawei is expected to hit chipmakers whose shares slipped after the blacklist was announced.

"You have a double whammy," Dan Morgan, a vice president at Synovus Trust Co., a wealth management company based in Georgia, told Business Insider."This blacklist is a black cloud in the chip sector. But I'm not sure this blacklist is as devastating as the reaction is. To me, the biggest story is continued pressure on the sector."

Major semiconductor stocks slipped after the blacklist was announced. The Philadelphia Semiconductor Index, the most well-known barometer of chip-investing sentiment, was off about 5% on Tuesday from its Friday close. But the Huawei ban's effect will probably not be significant, he added. Only 2.6% of Qualcomm sales come from Huawei, while Intel gets only 1% of its revenue from the Chinese tech giant, according to Synovus' research.

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