Micron says some Huawei shipments resumed, shares rise

(Reuters) – Micron Technology Inc said it had resumed some microchip shipments to Huawei Technologies Co Ltd and still expects demand for its chips to recover later this year, sending shares up as much as 10% late on Tuesday.

Micron says some Huawei shipments resumed, shares rise 1

FILE PHOTO: Memory chip parts of U.S. memory chip maker MicronTechnology are pictured at their booth at an industrial fair in Frankfurt, Germany, July 14, 2015. REUTERS/Kai Pfaffenbach

Micron Chief Executive Sanjay Mehrotra said the Idaho-based maker of chips for smartphones and other devices resumed shipping some chips in the past two weeks after it reviewed the U.S. ban on selling products to the China-based telecommunications company.

“We determined that we could lawfully resume shipping a subset of current products because they are not subject to export administration regulations and entity list restrictions,” Mehrotra said on a conference call with investors.

“However, there is considerable ongoing uncertainty surrounding the Huawei situation, and we are unable to predict the volumes or time periods over which we will be able to ship products to Huawei,” he added.

The Semiconductor Industry Association, of which Intel Corp and Micron are…

http://feeds.reuters.com/~r/reuters/technologyNews/~3/-n6u0i4QiLY/micron-says-some-huawei-shipments-resumed-shares-rise-idUSKCN1TQ2QY

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