Major computer chip manufacturers like Nvidia and TSMC continued to slump Thursday as warnings from both President Biden and Republican nominee Donald Trump fueled renewed geopolitical concerns among investors.
Taiwan Semiconductor Manufacturing Company shares fell more than 2% in Thursday trading even as the company said it expects third-quarter revenue to surge by as much as 34% on increased demand.The chip maker has lost the equivalent of more than $52 billion in market value this week. The tech-heavy Nasdaq index plunged nearly 200 points, or more than 1%, in Thursday trading — on the heels of plummeting more than 500 the previous day.
The move suggested the Biden administration is stepping up efforts to block China’s access to the advanced chips required to power artificial intelligence amid heightened tensions between Washington and Beijing.that a network of buyers and sellers were smuggling advanced Nvidia chips to China despite the Biden administration’s efforts.