Stocks of some Chinese chip makers plummeted as much as 20% on Monday, October 10, as the U.S. tightened restrictions on chip export controls to China, hitting Beijing’s semiconductor ambitions.

Top Chinese chip producers lost $5 billion in market value during the day. 

Hua Hong Semiconductor plunged 10%, Shanghai Fudan Microelectronics plummeted as much as 22%, and Hwatsing Technology dropped about 20%. 

Chip tool maker Advanced Micro-Fabrication Equipment lost more than 16%.

China’s largest chipmaker, Semiconductor Manufacturing International Corp, fell as much as 5.2% on the day. 

Anji Microelectronics, China’s leading provider of chipmaking chemicals, lost 20% in Monday morning trading, while testing equipment provider Hangzhou Changchuan Technology declined as much as 15%.

The restrictions unveiled on Friday also hit Chinese tech giants that heavily rely on data centers. Shares of Alibaba and Tencent lost 3.3% and 1.7%, respectively. 

The latest measures sent the Philadelphia Stock Exchange Semiconductor index down over 6% on Friday, October 7, trading because experts expected that the Chinese semiconductor industry would take a strong hit from the new restrictions.

Reuters cited Citi analysts saying that “The U.S. restrictions could make development of China’s advanced chip technologies even more challenging.”

New rules that the U.S. announced on Friday are Washington’s latest effort to limit China’s access to U.S. chip technology. 

Bloomberg reported that the new restrictions include export controls of certain types of chips in artificial intelligence and supercomputing and strengthen constraints on selling chip manufacturing equipment to any Chinese firm.

Separately, Washington also added more Chinese firms to the “unverified” list that it cannot track their products being used. This makes it harder for U.S. suppliers to sell technologies to those entities. 

In addition, the rules ban foreign chip suppliers such as Taiwan Semiconductor Manufacturing Co. and Samsung from giving advanced semiconductor technology support to Chinese chip makers.

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