China semiconductor firms soared on Thursday following news that the main industry association will work with its U.S. counterpart to discuss supply chain safety and trade restrictions. According to SCMP, the China Semiconductor Industry Association (CSIA) has set up a working group with US technology companies to help deal with issues such as “export controls and supply chain security.”
CSIA announced the new partnership on Thursday, and there’s already speculation that President Biden could ease some trade restrictions against Chinese semiconductor firms to reduce the global chip shortage. This would benefit Huawei Technologies and Semiconductor Manufacturing International Corporation (SMIC), both reeling from chip shortages.
After a multi-week stock plunge, Chinese tech companies surged following news CSIA will work with US tech firms to alleviate supply chain woes and restrictions. The team consists of ten semiconductor firms from each country and will meet twice a year to address industry concerns. Read more…..
Chart of the Day
Steve Jobs and Bill Gates Together in 2007 at D5.