Huawei ban sends chipmaking shares plummeting

A bad month is getting worse for US and European semiconductor stocks. While the sector has been one of the biggest casualties of the escalation of trade tensions between the US and China, news that some Huawei suppliers are said to have halted shipments to the Chinese company sent shares in chipmakers plummeting.

Shares in industry heavyweights Qualcomm, which has a major base in Cork, and Broadcom fell more than 5%. Xilinx, which also has a Cork base, Micron Technology, Skyworks Solutions, Qorvo, and Analog Devices also tumbled. All five were highlighted by Morgan Stanley last week as stocks that may see their sales at risk from the Huawei ban.