The US government has revoked export licenses for Intel and Qualcomm, disrupting chip shipments to Huawei.

Intel's stock value fell nearly 3% following the revocation, compounding a 40% drop earlier in the year linked to the US ban on chip exports to Huawei.

The revocation of licenses affects not just Huawei but carries wider implications for overall chip sales to China, underlining the complexities of the global tech market.

China has criticized the US, accusing it of unjustly using export controls to suppress Chinese firms, escalating tensions between the two nations.

The US Department of Commerce has not detailed which permits were cancelled, but Intel and Qualcomm confirm some of their export licenses have been revoked.

The export restrictions are part of a continuation of the US's 2019 technology export curbs to Huawei over alleged connections to the Chinese military.

Intel's CEO Pat Gelsinger's strategy to reinvent the company as a foundry faces skepticism from analysts and a reduction in net earnings forecasts, indicating the hurdles in Intel's turnaround efforts.