06:56 AM EDT, 04/12/2024 (MT Newswires) -- Intel ( INTC ) and Advanced Micro Devices ( AMD ) will be hit hardest after Chinese officials directed the country's largest telecom carriers to phase out foreign chips used in their networks by 2027, the Wall Street Journal reported Friday, citing people familiar with the matter.

China's Ministry of Industry and Information Technology has ordered state-owned mobile operators to draft timelines for replacing non-Chinese semiconductors across their networks to accelerate Beijing's effort to replace foreign technology, the Journal said.

The regulator reportedly did not respond to the Journal's request for comment.

Neither Intel ( INTC ) nor AMD responded to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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