Leading manufacturer of chipmaking machinery Applied Materials Inc. cut its fourth-quarter projection on Wednesday.
Announcing that the new export limits will cause a $400 million drop in revenues.
Compared to an earlier prediction of around $6.65 billion, it now anticipates sales of about $6.4 billion, plus or minus $250 million.
According to people familiar with the situation, Yangtze Memory Technologies Co. is China's most advanced manufacturer of memory chips.
Applied Materials, KLA Corp., and Lam Research Corp. have started or are preparing to pull employees from Yangtze Memory Technologies Co. as another sign of retreat.
Another major manufacturer of manufacturing equipment, ASML Holding NV, instructed its US workers there not to provide customer service to Chinese clients.