AMD stock price target raised to $21 from $17 at Stifel Nicolaus

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Chip stocks slammed after Trump targets Chinese investment

Semiconductor stocks were taking a beating Monday morning after reports that President Donald Trump hopes to announce further restrictions on Chinese investment in U.S. tech companies. China has spent years attempting to acquire companies and intellectual property in the chip sector, with the U.S. blocking acquisition attempts under President Barack Obama and Trump. On Sunday, The Wall Street Journal and others reported that Trump planned to increase controls, establishing a limit of 25% Chinese ownership for purchase of companies that have “industrially significant technology” and crafting “enhanced” export controls on the technology. Chip stocks plunged, with the PHLX Semiconductor Index falling more than 2% amid declines for popular stocks like Micron Technology Inc. , Nvidia Corp. , Advanced Micro Devices Inc. and Intel Corp. While stocks were largely down Monday morning, tech was being hit harder than other sectors, with the tech-heavy Nasdaq Composite Index falling about 1.3% in early trading Monday morning while the S&P 500 index was down about 0.9%.

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