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China opens antitrust probe into Qualcomm over its Autotalks deal

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China’s State Administration for Market Regulation (SAMR) has launched an antitrust investigation into U.S. semiconductor giant Qualcomm over its acquisition of Israel’s Autotalks. The regulator said it would examine whether Qualcomm violated Chinese competition laws by failing to properly declare details of the transaction.

Following the announcement, Qualcomm shares dropped more than 5%, as U.S. President Donald Trump threatened new tariffs against China and hinted at cancelling a planned meeting with President Xi Jinping. The probe adds new pressure to both countries’ tech sectors amid an escalating rivalry in artificial intelligence and semiconductor technology.

Qualcomm completed its Autotalks deal in June, integrating the Israeli company’s V2X (vehicle-to-everything) communication technology into its Snapdragon car platform. Analysts suggest that Beijing’s move might go beyond a “no-harm” early filing penalty, signaling potential economic leverage on U.S. chip and auto supply chains.

The case follows China’s recent accusations against Nvidia for breaching anti-monopoly rules. With 46% of Qualcomm’s 2024 fiscal revenue coming from Chinese customers, analysts warn the investigation could intensify investor concerns about geopolitical and regulatory risks in the semiconductor industry.

TSMC Q3 revenue jumps 30% on AI-fueled chip demand, beats forecasts

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TSMC, the world’s largest contract chipmaker, posted a 30% year-on-year surge in third-quarter revenue, driven by the global boom in artificial intelligence demand. The company’s performance outpaced analyst expectations, reaffirming its dominance in the semiconductor supply chain that powers AI leaders like Nvidia and Apple.

Revenue for the July–September period reached T$989.92 billion ($32.47 billion), surpassing the T$973.26 billion consensus estimate from 22 analysts compiled by LSEG SmartEstimate. The figure landed in the midpoint of TSMC’s July guidance of $31.8 billion–$33 billion, according to its previous earnings call.

The strong result underscores how AI-related chip demand is offsetting slower sales of consumer electronics such as smartphones and tablets. TSMC’s cutting-edge chips are essential for powering advanced AI systems and high-performance computing, both of which have fueled a new growth cycle for the company.

TSMC’s Taipei-listed shares have climbed 34% year-to-date, outpacing the broader Taiwan index’s 18.5% gain. Analysts expect the company’s October 16 earnings report to include a revised full-year outlook, likely reflecting continued AI-driven momentum.

The upbeat results mirror a wider surge across Taiwan’s tech sector: Foxconn, Nvidia’s largest server manufacturer, also posted record-high third-quarter revenue, signaling sustained strength in the AI hardware supply chain.

Applied Materials Warns of $600 Million Revenue Hit in 2026 After Expanded U.S. Chip Export Curbs

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Applied Materials, one of the world’s largest semiconductor equipment makers, said it expects a $600 million revenue impact in fiscal 2026 after the U.S. government broadened export restrictions on technology shipments to China and its affiliates.

The company’s shares fell about 3% in after-hours trading on Thursday following a regulatory filing that detailed the potential hit. Applied Materials said the new rules will make it harder to export certain products and provide parts or services to specific China-based subsidiaries without a U.S. export license.

New U.S. Restrictions Target Loopholes

The U.S. Department of Commerce this week expanded its export blacklist to include majority-owned subsidiaries of already restricted companies. The move targets entities that have been using offshore affiliates to circumvent U.S. export controls on sensitive technologies, particularly in the semiconductor, aerospace, and medical equipment sectors.

The company estimated an additional $110 million impact on its fourth-quarter 2024 revenue, compounding challenges already caused by a slowdown in China and ongoing tariff pressures.

Broader Industry Pressure

Applied Materials, along with European chipmaking equipment supplier ASML Holding, has been hit by weak demand in China, where export curbs have limited access to advanced lithography and chip-manufacturing tools.

Analysts said the new rule could disrupt global semiconductor supply chains and increase the number of firms that will now need licenses to receive U.S.-origin components and services.

Washington’s Push for Domestic Chip Production

In a related policy move, U.S. Commerce Secretary Howard Lutnick said Washington was urging Taiwan to adopt a 50-50 manufacturing split with the United States, part of efforts to boost domestic chip production and reduce dependence on overseas supply chains.

Applied Materials’ Financial Outlook

Despite the looming headwinds, Applied Materials reported strong results for fiscal 2024, with revenue up 2.5% year-over-year to $27.18 billion. Third-quarter revenue rose 8% to $7.30 billion, surpassing market expectations of $7.22 billion, according to LSEG data.

However, the company’s August outlook had already signaled a cautious tone, citing “geopolitical uncertainty and weaker equipment spending” as persistent risks heading into 2025.

As the U.S.–China technology rivalry intensifies, Applied Materials’ latest warning highlights the growing cost of Washington’s export-control campaign, which is reshaping the global semiconductor landscape and testing the resilience of supply chains worldwide.