Asian Tech Press (Oct 11) -- TSMC (2330:Taiwan) plunged more than 7% after the U.S. introduced new chip curbs on China.

The world's largest chipmaker plunged more than 7% on Tuesday, the biggest drop since May 2021, after the Biden administration issued new chip export controls against China.

On Oct. 7, the U.S. announced a new, more comprehensive package of export controls restricting China's ability to acquire advanced computing chips, develop and maintain supercomputers and manufacture advanced semiconductors, all of which will take effect within 14 days.

The ban led to heavy losses in China's stock market on Monday, the first day of trading after the country's Golden Week in October, with the CSIH84 index, a measure of Chinese semiconductor companies, plunging nearly 7% on the day.