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Global tech stocks were active Monday as investors re-set price expectations for major suppliers to Huawei Technologies, the world's biggest telecoms equipment maker, following last week's move by the Commerce Department to blacklist the China-backed group from doing business with the United States.

Multiple media reports have suggested that Google (GOOGL)  has suspended business with Huawei, at least in part, and prevented the company from access critical portions of its Android mobile phone platform, a move that would thwart the world's third-largest handset maker's efforts to sell new versions outside of China. Bloomberg News also reported that several U.S. companies, including Broadcom (AVGO) , Qualcomm (QCOM) , Intel (INTC) and Xilinx (XLNX) , will no longer supply Huawei with the components it needs to continuing building 5G networks around the world.

"We have made substantial contributions to the development and growth of Android around the world," Huawei said in remarks reported by Reuters. "Huawei will continue to provide security updates and after-sales services to all existing Huawei and honor smartphone and tablet products, covering those that have been sold and that are still in stock globally."

Qualcomm, which earns nearly two-thirds of its revenue in China, was marked 5.5% lower in the opening minutes of trading Monday to change hands at $77.12 each. Micron Technology (MU) , a chipmaker with a 66.3% revenue exposure to China, was marked 3.77% lower at $34.70 while Applied Materials (AMAT) , which gets 45.5% of its topline from China, slipped 0.53% to $42.48.

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European suppliers were also hit by the U.S. blacklist, with both STMicroelectronics (STM) and Infineon  (IFNNY) falling 7% and 5% respectively in the opening hours of trading following a Nikkei report that the region's biggest chipmaker had also halted shipments to Huwaei, disrupting its supply chain and placing the global tech sector at the heart of trade tensions between Washington and Beijing. 

Network equipment making rivals Nokia and Ericsson, however, booked solid gains, with the former risking more than 3.2% in Helsinki on bets that Huawei's restrictions would allow it to win more business in Europe and elsewhere. The same was true for Samsung Electronics (SSNLF) , the world's biggest chipmaker, which rose 1.94% in Seoul Monday.

Huawei is estimated to have produced around $7.5 billion worth of semiconductors last year through its HiSilicon division, but needed around $21 billion worth of chips from international suppliers to maintain its market position in handsets and challenge rivals for new 5G business, according to figures cited in a Reuters interview with chairman Eric Xu in March.

The Commerce Department said last week its decision to place Huawei on the so-calld Entity List would "prevent American technology from being used by foreign owned entities in ways that potentially undermine U.S. national security or foreign policy interests."

China's Foreign Ministry described the move, which prevents U.S. firms from doing business with Huawei or its 70 affiliates without prior U.S. government approval as "disgraceful and unjust" and insisted the state-backed group is "willing to engage with the U.S. government and come up with effective measures to ensure product security."

Huawei said the move would "disrupt the current collaboration and mutual trust that exist on the global supply chain" and put tens of thousands of U.S. jobs at risk.