ASML reports better-than-expected third quarter sales, says group is unable to keep up with demand, with orders of more than $29.4 billion from Asia and the US's biggest chipmakers

"It will support our transition to net zero emissions as well as create jobs in green sectors," Singapore Prime Minister Lee Hsien Loong said

Analysts said Xi's eagerness to "win the battle" in core technologies could mean that China will not only bolster spending but overhaul its whole approach to boost key tech and chip sectors

Chinese President stressed innovation and hailed progress in the areas of space flight and exploration, quantum information and supercomputers.

The move follows export restrictions imposed by the Biden Administration. YMTC is also being investigated by the Commerce officials on whether it sold chips to blacklisted Huawei

Economy minister Wang Mei-hua said she received "great interest" from meetings with Cisco Systems Inc, NVIDIA Corp, Applied Materials Inc and Synopsys Inc.

ASML and Lam Research, two top chipmaking tool providers, have rushed to comply with US chip export curbs by "pulling American engineers out of their operations" in China

Chip giants allowed to continue work at their China factories, but the ban on US citizens working for local firms has shocked the sector, forcing firms like Naura and YMTC to pull key staff

Experts said the US chip restrictions could lead to its "Sputnik" moment, prompting Chinese chipmakers to try creative engineering solutions and chart their own course

California-based supplier of chipmaking technology says export restrictions will would result in a net sales loss of $250 million to $550m in the current and next quarters.

Memory chipmaker confirms that it received an exemption on the new US restrictions. Samsung has yet to comment, but it is also tipped to get a reprieve for its operations in China.

US chip tool maker will cease offering some supplies and services from Wednesday to customers in China, a source revealed on Tuesday.