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Chip stocks hit by report of Biden Huawei ban

Chip stocks hit by report of Biden Huawei ban

MARKET PULSE Chip stocks faced even more pressure Monday following a report President Joe Biden will ban U.S. chip makers from doing business with China’s Huawei Technologies Co. The PHLX Semiconductor Index (SOX) fell to around 2,865 from 2,885 following a report from Bloomberg News that the Biden Administration was contemplating cutting off handset and mobile device maker Huawei off from U.