Micron, Nvidia lead semiconductors higher as GOP warns Apple, Biden visits Intel plant
Jae Young Ju

Micron Technology (NASDAQ:MU) and Nvidia (NASDAQ:NVDA) were among the top gainers in the semiconductor industry on Friday as Republican lawmakers warned Apple (NASDAQ:AAPL) over the potential use of memory chips from a controversial Chinese company and President Biden visited Intel's (INTC) new plant in Ohio.
Apple (AAPL) has been warned by Republican lawmakers that it will face additional scrutiny from Congress if the tech giant obtains memory chips from Yangtze Memory Technologies for the iPhone. 
Senator Marco Rubio, the vice chair of the Senate intelligence committee and Michael McCaul, a Representative from Texas on the foreign affairs committee, were surprised when they saw media reports that Apple (AAPL) was looking at obtaining chips from Yangtze Memory Technologies for the iPhone.
"Apple is playing with fire,â Rubio said in an interview with the Financial Times. "It knows the security risks posed by YMTC. If it moves forward, it will be subject to scrutiny like it has never seen from the federal government. We cannot allow Chinese companies beholden to the Communist party into our telecommunications networks and millions of Americansâ iPhones."
At the time, Seeking Alpha reported that such a tie-up could be met with criticism due to the Chinese company's connections with the Beijing government.
Cupertino, California-based Apple (AAPL) told the FT it does not use chips from Yangtze Memory Technologies in any product, but added that it was "evaluating sourcing from YMTC for NAND chips to be used in some iPhones sold in China."
Micron (MU), SK hynix and Samsung (OTCPK:SSNLF) are the world's largest makers of memory chips. Micron (MU) gained 3.5% to $57.38 in late day trading.
President Biden visited Intel's (INTC) manufacturing plant in Ohio on Friday, touting the recently passed CHIPS and Science Act, which provides more than $50B in economic aid to the semiconductor industry.
"Imagine if we had more of these kinds of factories across the country," Biden said, according to Bloomberg. "This law makes that a reality."
Nvidia (NVDA) and Advanced Micro Devices (AMD), which both compete with Intel (INTC), saw solid gains on Friday, rising 3% and 2.5%, respectively. Intel (INTC) added more than 2% to $31.40.
Qualcomm (NASDAQ:QCOM) shares tacked on more than 2.5% as antitrust regulators for the European Union confirmed they would not appeal a court ruling that removed a $1B fine against the semiconductor company over its decision to supply Apple (AAPL) with chips.
Last month, it was reported that the regulators from the EU would likely not appeal the decision because they felt it would be too difficult to convince the European Union Court of Justice on its merits.
Several other chipmakers also rose on Friday, including Broadcom (AVGO), Analog Devices (ADI), Texas Instruments (TXN) and ON Semiconductor (ON).
Micron (MU) recently announced a $15B investment in a new Idaho-based fab after the U.S. government passed the CHIPS Act.