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China, Semiconductor Industry Await Outcome Of U.S. Presiden
时间:2020-11-04 08:23来源:未知 作者:admin 点击:
The direction of U.S.-China trade relations, which are currently prickly, could hinge on the outcome of Tuesday's U.S. presidential election. And the semiconductor industry is a key focus area.
 
President Trump has taken a tough stance on Chinese tech companies, led by Huawei. He has restricted shipments of semiconductors and chipmaking equipment to certain vendors like Huawei and SMIC on national security grounds. His administration also has accused Chinese tech firms of stealing U.S. intellectual property.
 
Analysts say China is likely waiting to see the results of the election before deciding how to respond to recent U.S. actions. However, there is no indication that Democratic challenger Joe Biden will significantly change course on China if elected president.
Chinese approval of semiconductor industry mergers, like Nvidia's (NVDA) planned purchase of SoftBank-owned chip design firm Arm, could be impacted by the election. Chinese regulatory signoffs likely would be a "lower risk" with a Biden administration, Evercore ISI analyst C.J. Muse said in a note to clients Tuesday.


Semiconductor Industry Mergers Held Up By China

Other semiconductor deals awaiting regulatory OKs from China include the AMD (AMD) purchase of Xilinx (XLNX), the Analog Devices (ADI) acquisition of Maxim Integrated Products (MXIM) and the Marvell (MRVL) purchase of Inphi (IPHI).
China has yet to approve the Applied Materials (AMAT) purchase of Kokusai Electric, which was announced in July 2019.
A Biden administration might ease up the pressure on China over its ambitions to build its domestic semiconductor industry, Muse said. That would be a positive for U.S. semiconductor equipment makers such as Applied Materials, Lam Research (LRCX) and KLA (KLAC).
"While we readily agree that Huawei/China is a bipartisan issue in Washington, D.C., supported equally by both parties, we suspect China building a semiconductor industry will move to the back burner under a Biden administration," Muse said.
Biden is seen as "less hostile" toward China than Trump, Muse said.

Chip Industry Holds Breath For Election Outcome

In a report on Sunday, Wedbush Securities analysts said the outcome of the U.S. presidential race could impact the U.S.-China trade war.
"Based on policy platforms, the Street's view appears to be that a Biden presidency will take a relatively softer tone on China technology and policy issues," the Wedbush report said. "However, the long-standing issues around piracy and IP (intellectual property) theft are not going away."
The tensions between the U.S. and China have morphed into a "technology cold war" between the superpower countries, Wedbush said.
If tensions don't ease, China could take retaliatory action against U.S. companies such as Apple (AAPL), Cisco (CSCO) and Intel (INTC), Wedbush said.
 

 

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