About a quarter of total revenue, in the form of direct and indirect sales through distributors, goes to China-headquartered companies, he said. Micron “remains unclear as to what security concerns exist” with its products and has had no complaints from customers, Chief Financial Officer Mark Murphy said at a JPMorgan Chase & Co. Micron has said previously that it stands by the security of its products and commitments to customers. The CAC had said about six weeks ago that it was launching a security review of imports from Micron, the US’s last major memory chipmaker. The official, who was granted anonymity to discuss a sensitive diplomatic matter, called the action a retaliation for the stance taken by Group of Seven leaders at their summit in Japan last week to reduce dependence on Beijing for critical supply chains,” while also announcing a fresh initiative to counter Chinese “economic coercion.” They’re up about 33% so far this year.Ī senior Biden administration official said the US was communicating directly with Chinese authorities and trying to get a better understanding of what, exactly, the decision entails. They regained some ground later in the session, closing down 2.8% at $66.23 in New York. Micron’s shares fell as much as 5% to $64.76, the biggest drop in more than seven weeks. The components caused “significant security risks to our critical information infrastructure supply chain,” which would affect national security, according to the statement from the Cyberspace Administration of China, or CAC. Singapore Dollar at Record High Versus Ringgit on China Worriesīeijing warned operators of key infrastructure against buying the company’s goods, saying it found “relatively serious” cybersecurity risks in Micron products sold in the country. JPMorgan Tells 1,000 First Republic Employees They'll Lose Their Jobsįirst Republic’s $35 Million Banker Outearned JPMorgan’s Dimon Before Bust (Bloomberg) - Micron Technology Inc.’s stock declined after China’s cyberspace regulator said that its products failed to pass a cybersecurity review, a move that jeopardized the company’s sales in a crucial market.Ĭathie Wood’s ARKK Dumped Nvidia Stock Before $560 Billion SurgeĪpple Plans to Turn Locked iPhones Into Smart Displays With iOS 17
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