Apple leads surge in global tech shares after Trump tariff relief
Trump said the new tariff rate would apply to "all chips and semiconductors coming into the United States," but would not apply to companies that had made a commitment to manufacture in the US or were in the process of doing so.
Apple's stock rose 2.9% in premarket trading after Trump's announcement on Wednesday that the company will invest an additional $100 billion in the US, a move that could help it sidestep potential tariffs on iPhones.
Semiconductor manufacturing equipment supplier Applied Materials and chipmakers Texas Instruments, GlobalFoundries and Broadcom - Apple's partners in the investment effort - climbed between 1.1% and 8.5%.
Other US-listed chipmakers also rose, with Advanced Micro Devices up 2.2%, Intel gaining 0.8% and Nvidia up 1.5%.
"From a high level, the 100% headline number seems intimidating, but in practice we expect a much lower impact," BofA Global Research analysts led by Vivek Arya said in a note.
European chipmakers also joined the rally, with ASML, ASMI and BE Semiconductor Industries climbing more than 3% each.
JPMorgan analysts expect the proposed 100% semiconductor tariff would not be stacked on top of the 15% baseline tariff agreed between the European Union and the US last week.
According to EU officials, the framework trade deal will have zero-for-zero tariffs on semiconductor-making equipment.
Germany's Infineon said it could not speculate on possible semiconductor tariffs, as no details have been disclosed yet. Its shares were up 1.3%.
Trump's latest on semiconductor tariffs seemingly rules out Taiwanese chip contract manufacturer TSMC, which makes chips for most US companies, including Nvidia, as it has factories in the US.
"The market remains keen to buy TSMC on dips. Investors also believe they need to remain positioned in AI - with or without tariffs," UBS analysts said.
TSMC shares closed almost 5% higher to hit all-time highs, while Samsung Electronics and SK Hynix climbed 2.5% and 1.4%, respectively.
South Korea's Samsung and SK Hynix will also not be subjected to 100% tariffs on chips, the country's top trade envoy said.
Samsung has invested in two chip fabrication plants in Austin and Taylor, Texas, while SK Hynix has announced plans to build an advanced chip packaging plant and research and development facility for artificial intelligence products in Indiana.
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It said any divergence in these tariffs could create huge issues and added cost for processors and farmers. The UK-US trade deal also contains a commitment to negotiate significantly preferential treatment for UK pharmaceutical products, contingent on the outcome of the s232 investigation, without clarity on a similar commitment for the EU. The difference in rates across the island could create a complicated situation and pose challenges for the post Brexit agreement, the Windsor framework. How have businesses been reacting? Many companies are working together to figure out how to navigate the tariffs, what it will mean for supply chains, increased costs, exploring new markets and avoiding laying people off. The Advanced Technologies in Manufacturing Cluster (ATIM) in the midlands comprises of over 70 members spanning engineering, polymer, food and drink, medical devices, and technology solutions. 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"Mullingar is steeped in Irish owned, indigenous manufacturing companies, which is a rarity. "But if you begin to get that ripple where you're laying people off, it has huge impact on the wider economies that we're trying to really bolster as well, and that's ultimately detrimental. "So, we're really trying to work with them and it's that peer-to-peer piece of how we're supporting each other, how we're tapping into new markets and how they're learning." Neill McDonnell, CEO Irish Small and Medium Enterprises Association said: "Uncertainty is actually the killer of business confidence and business plans." "In an environment where you can't say with a degree of certainty what the cost base on your side and the buyer's side is going to look like in the medium term, it's impossible to borrow money, for example."
