"China's Plan to Phase Out Intel and AMD Chips Sends Stocks Tumbling"

China plans to remove foreign-made chips, including those from Intel and AMD, from its telecom systems by 2027, following a directive from the Ministry of Industry and Information Technology. This move mirrors US efforts to restrict Chinese telecom equipment and chip exports. China aims to develop its own processors, with Huawei already releasing a phone featuring a domestically-made 5G chip. The plan could impact Intel and AMD's revenue, as they currently derive a significant portion of their sales from China.