Daily reviews

22.09.2020

Intel obtains US license to supply Huawei

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Three weeks ago, Huawei announced shifting its US investments to Russia

Stocks impacted: Intel Corp (INTC), Huawei Culture Co Ltd (002502)

The world's largest semiconductor chip manufacturer announced it has received licenses from the American authorities to continue supplying its products to Huawei Technologies. As a reminder, last week, new curbs have barred U.S. companies from supplying or servicing Huawei. Today, Intel had received permission to supply the Chinese telecommunications company. Washington argues that the telecoms giant hands data to the Chinese government for espionage. In turn, Huawei denies it spies for Beijing and says the United States is trying to smear it because Western companies are falling behind in 5G technology. Three weeks ago, Huawei announced shifting its US investments to Russia after the Trump administration imposed restrictions on the Chinese tech giant. Intel shares finished 0.3% lower on Monday and rose nearly 0.5% in the after-hours session. Huawei stocks slid 0.71% on Tuesday amid a widespread sell-off in global markets.

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