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Why Intel, Qualcomm, and TSMC Stocks Popped Today
Semiconductor investors got some good news Wednesday morning, when Bloomberg reported that an expected surge in Chinese support for its domestic semiconductor industry may not be as big a threat as was once supposed. As of 11:35 a.m. ET, Intel (NASDAQ: INTC) is up 4.3%, Qualcomm (NASDAQ: QCOM) is gaining 4%, and Taiwan Semiconductor Manufacturing (NYSE: TSM) is tacking on 2.6%. Just a few weeks ago, semiconductor investors got spooked by a December plan by China’s government to shower $143 billion in subsidies upon its domestic semiconductor companies — nearly twice the level of support promised to U.S. semiconductor companies by the Biden administration.
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