© Reuters. Micron GDDR6X graphics memory solution is pictured in this April 12, 2022 handout image. Micron Technology/Handout via REUTERS

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By Stephen Nellis

(Reuters) – Micron Technology Inc (NASDAQ:MU) on Monday said that its business operations in China are normal while it is cooperating with a Chinese government cybersecurity review of its products.

“Micron’s product shipments, engineering, manufacturing, sales and other functions are operating as normal,” the company said in a statement.

Last week, the Cyberspace Administration of China said it would conduct a security review of Micron’s products sold in the country.

The move comes amid a deepening rift between the United States and China over chip technology that has left companies caught in the crossfire. Micron is the only U.S.-based player in the global market for memory chips and is building a new $15 billion factory in upstate New York.

Chinese companies have also been working to break into the memory market, but the U.S. last year restricted export of chipmaking tools to the country. In December, U.S. officials added YMTC, China’s leading maker of storage chips, to a trade restriction list.