Controls Look Effective

The density shortfall strengthens the view in Washington, The Hague, and Tokyo that export controls are slowing China's access to leading-edge performance. The market read-through is less about Huawei alone and more about whether the U.S. and allies further restrict advanced packaging tools, metrology, and EDA software.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.