Core Viewpoint - The U.S. plans to revoke the waivers that allow major semiconductor manufacturers like Samsung, SK Hynix, and TSMC to use American technology in their Chinese operations, which could significantly impact their production capabilities and competitiveness in the market [1][2][3]. Group 1: U.S. Policy Changes - The U.S. Department of Commerce has communicated to major semiconductor manufacturers about the potential revocation of their waivers for using American technology in China, which could escalate trade tensions [1][2]. - In October 2022, the U.S. imposed semiconductor export controls, initially granting a one-year waiver to these companies, which was later extended to an indefinite waiver in October 2023 [1][5]. - The potential withdrawal of these waivers would complicate the approval process for introducing advanced equipment and technologies, hindering technological upgrades and capacity expansion for these companies [3][5]. Group 2: Impact on Semiconductor Manufacturers - Samsung, SK Hynix, and TSMC are key players in the semiconductor industry, with significant operations in China that produce essential components for various sectors, including smartphones and automotive electronics [2][3]. - The loss of waivers could severely disrupt their technological upgrade processes, as they may face complex approval procedures or outright bans on using American technology [3]. - Increased operational costs may arise as these companies seek alternative technologies and equipment, which could be less mature and more expensive, potentially squeezing profit margins and affecting global competitiveness [3]. Group 3: Market Reactions - Following the news, shares of major U.S. semiconductor equipment manufacturers fell, with KLA Corp down 2.4%, Lam Research down 1.9%, and Applied Materials down 2% [4]. - The decline in stock prices reflects market concerns over reduced demand for semiconductor equipment if these manufacturers face operational restrictions in China [4]. - Conversely, Micron Technology's stock rose by 1.5%, as the potential limitations on Samsung and SK Hynix could provide Micron with opportunities to capture market share in the storage chip sector [4]. Group 4: Historical Context - The U.S. has frequently altered its semiconductor policies regarding China, with significant changes occurring over the past year, including the initial one-year waiver and its subsequent indefinite extension [5]. - The current situation reflects a reversal in policy, adding uncertainty to the future trajectory of the semiconductor industry and its global supply chain stability [5].