There are signs that China’s economic recovery is losing steam from the pandemic, and these U.S. companies with high revenues in the region could be hurt if negative trends continue. Goldman Sachs analyzed company 10-K filings to determine the geographic revenue exposure of each stock in the S&P 500 Index. They found that many stocks had more than 40% revenue exposure from Greater China. These stocks could be hurt if China continues to show an uneven recovery path after lifting strict Covid restrictions. The initial rebound in consumer and business activity early this year has largely faded. However, these state-linked companies may benefit in the short term if China ends up injecting more policy stimulus to boost growth. According to Goldman Sachs, companies in Greater China that generate a lot of sales specialize in the chip industry. Semiconductors have become embroiled in a battle for technological dominance between the U.S. and China. Over the past few years, Washington has tried to cut off China and Chinese companies through sanctions and export restrictions, including blacklisting Huawei. The U.S. also imposed broader chip restrictions last year, aimed at depriving Chinese companies of key semiconductors that could be used in artificial intelligence and more advanced applications. According to Goldman Sachs, Monolithic Power Systems tops the list with 65% of its 2022 revenue coming from Greater China. The stock is up about 18% this year. More than 60% of Qualcomm’s revenue also comes from the region. Qualcomm recently saw a sharp drop in sales of chips for mobile phones, the company’s core business. Chief executive Cristiano Amon also said he saw no evidence of a recovery in smartphone sales in China. Other stocks on the list include Applied Materials, Lam Research, Nvidia, Western Digital and NXP Semiconductors.