China reportedly tells telecom firms to phase out foreign chips in blow to Intel, AMD

News Snapshot:

Chinese officials directed the country’s largest telecom carriers earlier this year to phase out foreign chips that are key to their networks by 2027, the Wall Street Journal reported on Friday, citing people familiar with the development. The move would impact U.S. chip giants Intel INTC-Q and Advanced Micro Devices AMD-Q, according to the report. Their shares were down more than 1.5 per cent in premarket trading. Intel and AMD did not respond to Reuters requests for comment. Beijing has ramped up efforts to replace Western-made technology with domestic alternatives amid Sino-U.S. trade tensions, as Washington tightens curbs on high-tech...