US said to be tightening rules on chips exports to China. Schwab soothes bank deposit worries. Stocks rallied. Here’s what you need to know today.
The Biden administration is refining rules aimed at keeping advanced chips and manufacturing gear out of China, seeking to close loopholes that might help its geopolitical rival gain cutting-edge technologies. The latest regulations are said to be an attempt to streamline export curbs announced last October. The new rules will strengthen controls on selling graphics chips for AI applications and advanced chipmaking equipment to Chinese firms, according to people familiar with the matter. The move will set new guidelines for companies like Nvidia, which has been selling a weakened version of its flagship processor to Chinese companies to abide by the current rules.
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