Why Direxion Daily Semiconductor Bear ETF (SOXS) Is Rising

Direxion Daily Semiconductor Bear 3X Shares SOXS shares are trading higher by 4.70% to $10.59 Wednesday morning. The ETF is rising amid reports of the U.S. planning to revise its export controls on AI chips to limit China's access to advanced technologies with military applications.

What Else?

Per a report by the Wall Street Journal, the Biden administration is considering new restrictions on AI chip exports to China and other countries of concern.

The Commerce Department may require a license for chip shipments made by companies like NVIDIA Corp. These potential measures expand upon existing export control rules. Per the Wall Street Journal, the Commerce Department has not yet responded to requests for comment.

According to data from Benzinga Pro, SOXS has a 52-week high of $89.59 and a 52-week low of $9.48.