Chip Stocks Dive Following Trump's Threat of More Tariffs — Heard on the Street
Chips were never safe from tariff pain despite their initial exclusion from President Donald Trump's new levies on Wednesday. His announcement aboard Air Force One yesterday that the sector was in his crosshairs for direct tariffs has rightly rattled investors further.
Chip stocks fell across the board Friday, extending a disastrous two-day period for the sector. Nvidia is down more than 14% since Wednesday's close, shedding nearly $400 billion in market cap. Broadcom, Intel, Advanced Micro Devices and Qualcomm also declined, leading the PHLX Semiconductor Sector index down more than 17% in a day and a half of trading. That's significantly worse than the broader market: the S&P 500 is down by around 9% over the same period.
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