Intel and Advanced Micro Devices fell more than 2 per cent on Monday after a report that China would limit the use of their chips and servers in government computers, potentially threatening billions of dollars in sales for the US companies.
The latest move could make a big dent on the chip firms' earnings as China was Intel's largest market in 2023 with 27 per cent of revenue, while AMD drew about 15 per cent of its sales from the country. But he said Intel could face a higher hit to its profit - of mid-single digits to low-double digits,"given higher exposure and the vagaries of a worse cost structure".
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