China Bans U.S. Chips

China's chip stocks experienced a rally on Monday morning after Beijing announced its decision to restrict certain purchases of products from U.S. memory chipmaker Micron. The Cyberspace Administration of China conducted a security review and barred operators of critical information infrastructure in China from buying Micron products, citing serious potential network security issues and a major security risk to China's critical information infrastructure supply chain and national security. Shares of Chinese chipmakers, such as Hua Hong Semiconductor, SMIC, GigaDevice Semiconductor, and Ingenic Semiconductor, surged.