US-China chip war wipes out $240 billion as stocks plunge; TSMC slips 8.3%

The Biden administration measures erect barriers of entry to China's market by limiting the ability of US firms to sell equipment and tech to their Chinese counterparts

Asia’s top chip stocks tumbled Tuesday, ensnared in an escalating US-China tech race that has erased more than $240 billion from the sector’s global market value.

Taiwan Semiconductor Manufacturing , the world’s largest contract chipmaker, plunged a record 8.3 per cent  while Samsung Electronics and Tokyo Electron also declined. The selloff spread to the foreign-exchange market as investors tally up the damage from the sweeping curbs the US is imposing on companies that conduct technology business with China.

Samsung lost as much as 3.9 per cent, the most in a year. South Korea’s SK Hynix, one of the world’s largest makers of