Chinese Chipmakers Surge After US Pushes for More Industry Curbs

Washington’s latest move to restrain Beijing from fostering its chipmaking industry is powering China’s semiconductor stocks as the US restrictions could fire up support for homegrown technology.

China chipmakers were one of the few bright spots in the markets Wednesday after Bloomberg News reported that the US is pushing the Netherlands to ban ASML Holding NV from selling to China technology essential in making a large chunk of the world’s chips. That, as well as a better-than expected earnings, has spurred a rally in chip stocks in China, with investors seeing US restrictions accelerating sales for domestic companies as tech firms seek onshore substitutes.