China tensions and chip sell-off present buying opportunity in three stocks, tech analyst says (via TradingNation)
, fell 4% in the past week. Losses accelerated Friday after the Trump administration moved to cut off China-based Huawei from accessing chips made with U.S. software or technology.
This is just the latest time chips have been used as a weapon in the trade war, but it shouldn't be a major worry for investors, says Patrick Moorhead, president and principal at Moor Insights & Strategy. "This Huawei spat, China spat — it's just another episode in this ongoing trade and IP. I wouldn't look too closely. I mean this is, what, the 12th version of this of these bilateral spats? And the fact is, both countries need each other," Moorhead told CNBC's "U.S. chipmakers, for instance, generate a major chunk of revenue from China. One of the United States' largest chipmakers, Intel, pulls in nearly 30% of its revenue from the country.
Qualcomm was one of the hardest hit chipmakers on Friday. Moorhead says he is particularly bullish on Qualcomm as well as Intel and
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