01:01 PM EDT, 05/08/2024 (MT Newswires) -- The US has revoked licenses that allowed Qualcomm ( QCOM ) and Intel ( INTC ) to sell chips used for laptops and handsets to China's Huawei Technologies, effective immediately, the companies said Wednesday.

"The Commerce Department has revoked certain export licenses for Huawei in our industry, including one of our licenses," Qualcomm ( QCOM ) told MT Newswires. We will continue to comply with all applicable export control regulations."

Intel ( INTC ) disclosed the new US restrictions in a regulatory filing, saying the federal government was blocking exports of selected "consumer-related items" to an unnamed customer in China. Due to the export restrictions, the chipmaker said it now expects Q2 revenue will be below the midpoint of its forecast looking for $12.5 billion to $13.5 billion in revenue for the three months ending June 30.

The Commerce Department earlier told the Financial Times it was revoking the export licenses to Huawei for certain items without disclosing the names of the US companies affected from its decision.

Huawei in April launched an AI-powered laptop using Intel's ( INTC ) new Core Ultra 9 processor, attracting criticism from some US lawmakers who suggested the Biden administration allowed Intel ( INTC ) to sell the chip to Huawei.

Intel ( INTC ) shares were down 2.7% in recent Wednesday trading, while Qualcomm ( QCOM ) were slightly lower.

Price: 180.01, Change: -0.15, Percent Change: -0.08