Why Qualcomm Stock Stock Is Falling Hard Today
Qualcomm (NASDAQ: QCOM) shareholders were nervous today after the U.S. Department of Commerce said on Friday that it would restrict exports of some semiconductors to China. The U.S. government is worried about the Chinese government having access to high-end chips made in America.
As a result, the semiconductor stock fell 4.9% as of 2:49 p.m. ET.
In a statement released on Friday, the U.S. Commerce Department's Bureau of Industry and Security (BIS) said that it was "implementing a series of targeted updates to its export controls" to restrict China's "ability to obtain advanced computing chips, develop and maintain supercomputers, and manufacture advanced semiconductors."
Source Fool.com
