-
Chinese chipmaker Yangtze Memory Technologies Corp ousted American employees in core tech positions following the U.S. embargo on China.
-
Several U.S. citizens and green card holders in China had already left the memory chip producer, the Financial Times reported.
-
Some Americans reportedly were key to YMTC’s Nand memory chip production breakthroughs.
-
Also Read: Taiwan Semiconductor Bears The Brunt Of US China Tensions, Slashes 2022 Budget By 10%
-
Leading U.S. chip equipment suppliers Lam Research Corp (NASDAQ: LRCX), Applied Materials, Inc (NASDAQ: AMAT), and KLA Corp (NASDAQ: KLAC) have suspended sales and services to semiconductor manufacturers in China.
-
Netherlands-based ASML Holding N.V. (NASDAQ: ASML) urged its U.S. staff to stop serving all Chinese customers while it assessed the sanctions.
-
YMTC’s longstanding CEO Simon Yang, a U.S. passport holder, stepped down ahead of the sanctions reportedly triggered by Washington’s increasing pressure on the company.
-
Yang transitioned from the Chief role in late September to Deputy Chair. His current role in the company remained undecided.
-
YMTC was on the verge of settling a spot for its semiconductors in Apple Inc’s (NASDAQ: AAPL) iPhone this summer until the sanctions kicked in.
-
YMTC reportedly negotiated the exit of several Americans unwilling to give up their U.S. passports.
-
Chinese semiconductor companies focused on not only ‘US-free’ manufacturing lines but also de-Americanise the teams,” as they already struggled to find experienced staff.
-
Corporate records in China show Americans dot the top ranks of leading Chinese semiconductor manufacturers and suppliers.
-
Photo by mohamed hassan via Pxhere
See more from Benzinga
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
