(NASDAQ: INTC) stock lost substantial ground in 2024's first day of trading. The company's share price closed out the daily session down 4.9%, according to data from S&P Global Market Intelligence.

While there wasn't any business-specific news pushing Intel stock down today, the company's valuation slipped amid some substantial developments. Most relevant to the company's performance outlook, news hit the wire that ASML had opted not to ship advanced chip-fabrication machines to China following pressure from the U.S. government. Additionally, Apple stock also lost ground after a ratings downgrade from a high-profile financial firm.

The chip industry has become a focal point in ongoing tensions between the U.S. and China. Having access to advanced semiconductor technologies is a vital national security interest for the competing world powers, and both countries are taking steps to bolster their competitive positioning in the space.

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Source Fool.com