Nvidia, Qualcomm leads chips lower as sector sees increased political attention
RobsonPL/iStock Editorial via Getty Images

Semiconductor stocks erased earlier gains on Thursday as the sector saw increased attention from global politicians amid worries about the rise of China.
Nvidia (NASDAQ:NVDA) and Qualcomm (NASDAQ:QCOM) led the sector lower, falling 2.4% and 2.8%, respectively, while Intel (NASDAQ:INTC) bucked the trend and tacked on 1.7%. AMD (AMD), which competes with both Nvidia (NVDA) and Intel (INTC), fell nearly 1% in late day trading.
On Thursday, U.S. Commerce Secretary Gina Raimondo said the U.S. and India would sign a memorandum of understanding to further coordinate and speak about policies relating to the sector.
Earlier this week, South Korea's trade minister Ahn Duk-geun expressed concerns over the U.S.'s $52B CHIPS Act, designed to make the domestic industry more competitive. 
Semiconductor foundry stocks were lower, as Taiwan Semiconductor (TSM) fell nearly 2% and Global Foundries (GFS) declined nearly 1%. 
Late on Wednesday, the Netherlands' government said it would issue new restrictions on exporting semiconductor technology in the interest of national security. 
Semiconductor equipment maker ASML Holdings (NASDAQ:ASML) was not specifically named by Dutch Trade Minister Liesje Schreinemacher, but the company's extreme ultraviolet, or EUV, machines used to print complex designs on chips have seen increased political scrutiny in recent months, including from the Biden Administration.
ASML (ASML) shares fell 1.4%, while Lam Research (LRCX), Applied Materials (AMAT) and KLA Corp. (KLAC) also saw modest losses.
A number of other chip stocks fell on Thursday, including NXP Semiconductors (NXPI), Texas Instruments (TXN), Micron Technology (MU) and ON Semiconductor (ON).
On Wednesday it was reported that Intel (INTC) was looking to get as much as $5.3B in subsidies from the German government for its upcoming plant in Magdeburg, down from a reported $10B last month.