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When The Chips Are Down
Monday was a rough day for Semiconductor Manufacturing International.
Shares of China's top chipmaker plunged 23% in Hong Kong, dragging down the entire Hang Seng tech index in the process.
The proximate cause of the malaise: reports that the Trump administration may blacklist the company, as part of the White House's constantly escalating tech war with Beijing.
Over the weekend, SMIC said it was in a state of "complete shock" at the prospect of being added to Wilbur Ross's entity list, whi
More tariffs then? Insist China quadruples agricultural buys from levels they already committed to but apparently lied about complying with only to get a deal? So much attention has been diverted to the US this summer over pandemic and social unrest it is hard to see the focus on Trump’s failures resonating, especially because both parties see capital in fueling deep distrust of Xi’s 2025 agenda. The DM world feels threatened, globalization is wounded, it is hard to see how this ends in a reversal that is benign.
You know what, these move will accelerate the 2025 agenda, not delay.