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In recent news, China has launched a cybersecurity probe into Micron Technology, one of America’s largest memory chip makers. This seems to be in retaliation after US allies in Asia and Europe announced new restrictions on the sale of key technology to Beijing. The Cyberspace Administration of China (CAC) will be reviewing the products sold by Micron in the country. This move is aimed at ensuring the security of key information infrastructure supply chains and preventing cybersecurity risks.
The announcement from China came on the same day that Japan, a US ally, said it would limit the export of advanced chip manufacturing equipment to countries including China. The United States and the Netherlands have also implemented similar restrictions on China’s semiconductor industry. These restrictions target Beijing’s ambitions to become a tech superpower.
Micron Technology, in response to the probe, has stated that it is fully cooperating with the CAC and stands by the security of its products. However, the news has caused a drop in Micron’s stock value, with shares sinking 4.4% on Wall Street. Micron derives more than 10% of its revenue from China.
This incident highlights the growing tensions and restrictions imposed on China’s tech exports. China has strongly criticized these measures, expressing its firm opposition to such restrictions. Despite this, Beijing also continues to put pressure on foreign companies to align with its agenda.
As an established financial services company, we believe in providing fast financing options to small businesses and gig workers. Our MCA solution is designed to help contractors and other 1099 workers overcome credit challenges and obtain the funds they need. We understand the importance of a simple and easy financing process, especially in today’s competitive business landscape. Contact us today to learn more about our business cash advance options.