China Puts Pressure on Intel as US Sanctions Loom, Seeks Intel's Support for Preserving Global Supply Chain - Intel (NASDAQ:INTC)

China's Vice President Han Zheng told Intel Corp INTC CEO on Wednesday to take root in China to help preserve the resilience of the global industrial supply chain.
In a meeting in Beijing, Han told Intel CEO Patrick Paul Gelsinger that multinational companies need to "overcome difficulties and challenges" to promote better global cooperation, Reuters reports.
The pandemic fueled geopolitical tensions between the U.S. and China by vandalizing the vulnerable global supply chain triggering a semiconductor chip crisis for electronic gadgets and automobiles.
Also Read: Taiwan Semiconductor Founder Highlights How U.S. Sanctions Pose A Double Whammy In Form Of Rising Costs, Chip Availability
The U.S. retaliated with an embargo on China, restricting the latter's access to cutting-edge semiconductor tech to contain its growing dominance.
The U.S. and other countries focused on improving domestic production and supply of semiconductor tech instead. Especially the U.S. Chips Act forbade the subsidy contenders like Intel and Taiwan Semiconductor Manufacturing Company Ltd TSM to stay clear of China.
Chipmakers like Nvidia Corp NVDA recently altered its flagship product into a legal version to export to China to cater to its clients like Alibaba Group Holding Ltd BABA.
The H800 mainly reduced the chip-to-chip data transfer rate to about half the speed of the flagship H100.
Price Action: INTC shares traded lower by 0.87% at $32.07 on the last check Wednesday.
Photo by Body Stock and Dragon Claws via Shutterstock

Market News and Data brought to you by Benzinga APIs