BY TYLER DURDEN
MONDAY, OCT 10, 2022 - 04:20 PM
Semiconductor stocks across the globe - in Hong Kong, Europe and certainly in the US - are tumbling after the Biden administration on Friday unveiled new restrictions on technology exports to China which are meant to undercut Beijing's ability to develop wide swaths of its economy, from semiconductors and supercomputers to surveillance systems and advanced weapons.
As noted earlier, the US Commerce Department on Friday unveiled sweeping new regulations that limit the sale of semiconductors and chip-making equipment to Chinese customers, striking at the foundation of the country’s efforts to build its own chip industry. The agency also added 31 organizations to its unverified list, including Yangtze Memory Technologies and a subsidiary of leading chip equipment maker Naura Technology, severely limiting their ability to buy technology from abroad.
The move is the Biden admin’s most aggressive yet as it tries to stop China from developing technological capabilities it sees as a threat. And, as Bloomberg notes, depending on how broadly Washington enforces the restrictions, the impact could extend well beyond semiconductors and into industries that rely on high-end computing, from electric vehicles and aerospace to simple gadgets like smartphones.
The two countries are now officially in an “economic war,” Dylan Patel, chief analyst at SemiAnalysis, said. A Chinese analyst said there is “no possibility of reconciliation” any longer.
Chinese state media and officials over the weekend raged against the action, warning of economic consequences and stirring speculation about potential retaliation. He Xiaopeng, chairman and CEO of Chinese EV maker Xpeng, warned last month that escalating US restrictions on chip exports will set back the nation’s autonomous driving sector.....More Below
Any moment now I am expecting John Cleese (a veteran of Monty Python) to jump out of the bushes and announce the creation of the Ministry of Silly Wars, with Donald Trump as the deranged leader. For you youngsters out there, Monty Python’s skit, The Ministry of Silly Walks, helped make the members of MP legends. I had to reference Monty Python because the line of bullshit the Trump administration is feeding the American people and the world about the amazing, obliterating US attack on Iranian nuclear sites on Sunday morning, is more ridiculous that all of the silly walks pictured in the following video:
My hopes that Donald Trump would finally act like a responsible adult are dashed. He’s a dangerous buffoon. While the team around him are working frantically to maintain the fiction that Trump has a vision and is calling the shots on the foreign policy front, he is careening around the globe like an out-of-control cue ball on a billiards table. It started a week ago… first, he claimed...
Tuesday marks the third anniversary of the launch of the Fujian, China's first aircraft carrier equipped with electromagnetic catapults. Official media said China is about to enter a three-aircraft-carrier era, with the Fujian expected to enter service by 2025.
After the launch of the Fujian on June 17, 2022, it carried out its first sea trial from May 1 to 8 in 2024. Since then, the Fujian has completed multiple sea trials, accumulating more than 100 days of sea trial, China Central Television (CCTV) News reported on Tuesday.
Wei Dongxu, a Chinese military affairs commentator, said that the aircraft carrier Fujian has been making steady progress in sea trials, and is expected to be commissioned within this year, CCTV News reported.
With a full displacement of more than 80,000 tons, the Fujian is the world's first conventionally powered aircraft carrier to feature electromagnetic catapult technologies, according to CCTV News. The report noted that it will carry a wide variety of carrier-borne...
Chinese President Xi Jinping said Tuesday that China and Central Asian countries have explored and formed the China-Central Asia Spirit, which features mutual respect, mutual trust, mutual benefit, mutual assistance, and the pursuit of common modernization through high-quality development.
Xi made the remarks in his speech at the second China-Central Asia Summit in the Kazakh capital of Astana.
Xi said that the Chinese side has decided to establish three cooperation centers and a trade facilitation platform within the China-Central Asia cooperation mechanism.
When addressing the summit, Xi said these institutions include the China-Central Asia poverty reduction cooperation center, the China-Central Asia education exchange cooperation center, the China-Central Asia desertification control cooperation center, as well as the China-Central Asia trade facilitation cooperation....more below
