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Chipmaker stocks plunge on report they are dropping business with Huawei

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Visitors try out the Huawei Mate S smartphone.

Sean Gallup | Getty Images News | Getty Images

A sell-off in chip stocks intensified on Monday following a report that semiconductor makers are cutting ties with Huawei following restrictions imposed by President Donald Trump’s administration.

The U.S. Commerce Department last week blacklisted Huawei and effectively halted its ability to buy American-made parts and components. In wake of the restrictions, Google has suspended business activity with the Chinese giant. Other Huawei suppliers, including Qualcomm, Broadcom, Intel and Xilinx, told employees they will not sell to the Chinese firm until further notice, according to Bloomberg News.

U.S….



Source cnbc.com

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