Taiwanese chip company's shares hit record low

The US announced new measures for chip production, which resulted in a record 8.3 percent drop in TSMC shares. The US’s chip measures dealt a major blow to TSMC’s shares, one of the world’s largest chip manufacturers. The company’s shares fell 8.3 percent, recording the sharpest decline since its initial public offering in 1994. The US Department of Commerce announced last week that the new export controls would restrict China’s ability to obtain advanced computing chips, develop and maintain supercomputers, and manufacture advanced semiconductors. The statement reported that the products and capabilities in question were used by China for the production of advanced military systems, including weapons of mass destruction. The statement noted that certain advanced and high-performance computing chips and computer products containing such chips had been added to the Trade Control List, and that companies wishing to export these products to China would be required to obtain a license. The statement also stated that unlicensed sales of equipment used in the production of chips to China would not be permitted. On the other hand, the Ministry's statement noted that 31 Chinese companies were added to the list of companies whose reliability cannot be inspected by US authorities for the export of sensitive technology.