AMD and Intel dip on report China told telecoms to remove foreign chips

Shares of Advanced Micro Devices (AMD) and Intel declined on Friday after reports surfaced that China is ordering the country’s largest telecommunications carriers to stop using foreign chips. Chinese officials issued a directive earlier this year for telecom systems to replace non-Chinese core processors by 2027, impacting Intel and AMD. Both stocks traded down as much as 4% on Friday morning. China accounted for a significant portion of revenue for both companies, highlighting the country’s importance despite U.S. regulations and China’s efforts to reduce reliance on foreign technology. Intel declined to comment, while AMD did not respond to requests for comment.