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Micron's Shares Slump After China Restricts Sales

Posted on AllSides May 22nd, 2023
From The Center

Amid rising tensions between Washington and Beijing centered around technology, China on Sunday banned major Chinese information-infrastructure companies—telecommunications companies and big banks among them—from buying Micron chips. The move followed a cybersecurity review that the U.S. Department of Commerce said had “no basis in fact.” That ban moved quickly to Micron's shares early Monday, with the stock down by around 4% on news that it could lose close to a tenth of its sales as a result of China’s decision. Mark Murphy, Micron’s chief financial officer, said at an investment...

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