Global high-tech industry faces headwinds

US government's restrictions could hit earnings in the United States and Asia, hold up launch of 5G networks, says UBS

For the US semiconductor company Qorvo Inc, May 16 was a disaster. Its shares plunged by more than 7 percent after the US government banned Huawei Technologies Co from doing business with US companies without special government approval.

Qorvo derived as much as 15 percent of its revenue from Huawei in its past fiscal year. The US government's decision to add Huawei to its "Entity List" means Qorvo can't supply products to the Chinese company, one of its most important clients.