Biden contemplates moves to restrict US investment in Chinese tech companies

Citing people familiar with the matter, Bloomberg carried a story over the weekend that US President Joe Biden’s administration is considering restricting investment in Chinese technology companies.

Key takeaways

“The investment curbs taking shape would likely come as an executive order to be signed by Biden in the coming months.”

“US Department of Commerce might place further restrictions on chips used for artificial intelligence computing.”

“White House is in discussions with the US Congress on legislation requiring companies to disclose planned investments in certain Chinese industries.”

Market reaction

Asian stocks are in a sea of red at the start of the week, despite a minor uptick in the S&P 500 futures. Investors assess the risks of a global recession, in the face of the European energy criss and US-China tensions.