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Bond Market News
US Orders TSMC to Halt AI Chips Shipments to China
November 12, 2024
The US has ordered TSMC to halt shipments of advanced chips to Chinese customers. These chips are critical for AI accelerators and GPUs. This action follows concerns over a TSMC chip being found in a Huawei AI processor, which violated US export controls. The Department of Commerce sent an “is informed” letter to TSMC, bypassing the usual rule-making process to impose the restriction quickly. TSMC had previously suspended shipments to the Chinese chip designer Sophgo after one of its chips was linked to the Huawei processor. The latest restrictions aim to prevent further diversion of advanced chips to Huawei, which remains on the US restricted trade list. TSMC informed its clients of the suspension, affirming its commitment to comply with export regulations.
TSMC’s dollar bonds traded stable with its 1.75% 2028s at 90.5, yielding 4.77%
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