Nvidia, Marvell among those likely facing additional China export restrictions
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Barclays sees more headwinds coming for semiconductor companies. 
The investment firm, which has a Neutral rating on European hardware and U.S. semiconductors and semiconductor capital equipment, sees additional U.S. restrictions on exports to China for several companies, including Nvidia (NASDAQ:NVDA), Marvell (NASDAQ:MRVL), Intel (NASDAQ:INTC), Coherent (COHR), Lumentum (LITE), MACOM Technology Solutions (MTSI), AMD (NASDAQ:AMD) and more. 
On October 7, 2022, the U.S. Bureau of Industry and Security implemented updates to its export controls to protect U.S. national security and foreign policy interests. Those included restrictions on Chinaâs ability to purchase and manufacture high-end chips used in military applications. 
Barclays sees potential additional potential restrictions ahead. 
âWe see further restrictions to AI as the highest likelihood. Given the likely $3B+ in shipments of solutions per quarter by NVDA to China and the $1B pipeline noted by Intel for Gaudi, we believe the AI restrictions may shift to all AI products vs the performance threshold that companies are currently working around,â analysts led by Blayne Curtis, wrote in a note. 
ASML (ASML) is also likely to see its immersion deep ultraviolet tool exports to China facing more restrictive controls. 
However, Huawei entities are also likely to get barred, which would be a positive for Qualcomm (QCOM), Qorvo (QRVO), Skyworks Solutions (SWKS) and ASML (ASML).
âThe U.S. can't in good faith give money to industries supporting China, and these restrictions would clean things up before money comes from Washington,â the firm said.

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