Why Synopsis Stock Fell Today
Shares of Synopsys (NASDAQ: SNPS) fell on Wednesday. The company's stock dropped 10% as of market close. The move down came as the S 500 (SNPINDEX: ^GSPC) lost 0.6% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 0.6%.
The chip design company's stock fell after news broke that the Trump administration told the company to stop selling its services to China.
The Bureau of Industry and Security, which operated under the U.S. Commerce Department, sent letters to Synopsis, as well as two other companies, the Financial Times reported Wednesday. The command to end its ties with Chinese chipmakers will be a blow to the company's balance sheet. The company does substantial business in China; 16% of Synopsys's $6.1 billion revenue in 2024 came from the country. In the past, Synopsis had dealings with Huawei, one of China's largest chipmakers and the target of pressure from the Trump administration.
Source Fool.com
Synopsys Inc. Aktie
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