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China chip sector shares tumble on U.S. export curbs

Equipment makers and AI semiconductor developers among those hit

The U.S. is clamping down on China's tech ambitions by tightening restrictions on the export of of vital chip equipment.      © Reuters

TAIPEI -- Shares in several Chinese chip companies tumbled by up to 20% on Monday after the U.S. unveiled its toughest curbs yet on Beijing's tech ambitions.

Chinese companies from semiconductor equipment and materials makers to AI chip developers are bracing for the impact of the new rules announced on Friday, which include curbs on tech exports to China as well as restrictions on "U.S. persons" working for companies -- including American, Chinese or foreign -- that provide support for China's homegrown chip development.

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