The daily business briefing: October 4, 2022

The Biden administration prepares more chip restrictions on Chinese firms, Kim Kardashian to pay $1.26 million crypto settlement, and more

Kim Kardashian
(Image credit: Rodin Eckenroth/WireImage)

1. Reports: U.S. preparing new limits on China access to advanced chips

The Biden administration is considering more export controls to restrict Chinese companies' access to high-performance semiconductors, Reuters and The New York Times reported Monday, citing three people briefed on the matter. The Times said the administration could announce the measures as soon as this week. In recent weeks, the Biden administration has placed restrictions on exporting U.S. chips used for artificial intelligence applications, as well as equipment used to make them. The new rules would target high-end memory-chip manufacturing capabilities and advanced quantum computing, the latest moves "aimed at hobbling Beijing's ambitions to craft next-generation weapons and automate large-scale surveillance systems," according to the Times.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.