Stock in Applied Materials and other U.S.-listed chip makers could get a Black Friday boost after a report said the Biden administration's crackdown on semiconductor sales to China will be less severe than some had expected. European chip makers were rising Thursday on the news, with U.S. markets closed for the Thanksgiving holiday.

Shares in ASML Holding NV, which makes the lithography machines that are used to produce chips, were up 3.8%, while European peers ASM International and BE Semiconductor Industries, and Asian rival Tokyo Electron also rose on Thursday.

The rally came after news about the U.S. government's plan to restrict sales of semiconductor tools to China. The Biden administration is considering imposing more curbs, but the measures won't be as tough as some previously expected, according to a Bloomberg report that cited people familiar with the matter. The measures could be announced as early as next week, per the outlet.

U.S.-listed chip-equipment-making stocks such as Applied Materials, Lam Research, KLA-Tencor, and Teradyne could all benefit if the government does opt for a slightly less hawkish policy, because a harsher crackdown on semiconductor exports to China would likely drag down their sales.

American stock markets are closed on Thursday for Thanksgiving, but will be open between 9.30 a.m. and 1 p.m. Eastern Time on Black Friday.