Shares of technology companies slipped after reports that China would ban use of U.S.-made semiconductors for government employees.

Intel and Advanced Micro Devices shares slipped.

Apple shares slipped after reports that the European Union is considering an antitrust action, compounding the Silicon Valley giant's recent woes. The EU has launched investigations into Apple, Meta Platforms and Google parent Alphabet under its sweeping new digital-competition law, adding to the regulatory scrutiny large U.S. tech companies are facing worldwide.

"Apple is incredibly well run and it seems they've made wise moves throughout the years," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "But, if you're having to not only fight for market share and for business, but also, you're fighting government entities -- basically China, the U.S. and EU -- one would assume that's going to take some of their focus."

Chip designer Qualcomm said it has ended its proposed acquisition of Autotalks, citing a lack of regulatory approvals in a timely manner.

Despite the weakness for the semiconductor niche as a whole, shares of artificial-intelligence-related chip maker Nvidia rose, and have now more than doubled for the year to date.

"They're up over 21% this month alone...it's true trees don't grow to the sky, but it's also true that there's a lot of good news there that seems to be propelling AI forward," said Joyce.

With strong growth prospects for this part of the market, and hence for Nvidia earnings, "maybe that makes [the valuation] more palatable," Joyce said.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

03-25-24 1717ET