Yes, I think the China option is now closed. It has effectively been on ice anyway, because of COVID, but with the recent moves by Biden (first a US$50B funding carrot, followed by an export controls stick) the investment landscape has shifted significantly. Firstly, the pastures in the US have just become a lot greener, secondly China has now become much riskier.
I've had a bit of a skip through some of the Bureau of Industry and Security rules. I couldn't find any specific mention of ReRAM technology anywhere in Biden's new export controls (not surprising as it is not yet commercially available). Nor could I find any general phrasing anywhere that unambiguously captures it. However, "it's the vibe of the thing"
The new rules mention "advanced memory ICs", and the existing export controls also mention technology related to Rad Hard, and technology developed with DoD funding.
So it's quite a minefield to navigate already, and I get the impression they wouldn't hesitate to add a new rule explicitly covering ReRAM, if it came on their radar. That would be very costly for WBT if they were already significantly advanced with technology transfer to a Chinese fab.
Others have mentioned the Israel-China free trade agreement which could be signed in the near future. I see that as a separate issue which won't have any bearing on this. The simple fact is that any company doing business in the US has to follow their rules.
Personally, I would rather that WBT stay out of China, just in the interests of IP security.
NB: The above post is opinion only, and should not be construed as financial advice.
WBT Price at posting:
$2.80 Sentiment: Hold Disclosure: Held
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