Chipmakers and US Tariffs: A New Landscape
Elizabeth Evans, the Managing Partner at Evans Maywell, emphasizes that corporate revenues remain “resilient” while identifying which sectors are really thriving by actually generating profits.
President Trump has made it clear to global chipmakers that producing chips in the US will exempt them from heavy tariffs. He stated, “We’re considering tariffs as high as 100% on chips and semiconductors unless they’re manufactured in the United States.”
Interestingly, Apple has ramped up its investments in the US, bringing its total commitment to a staggering $600 billion.
In other news, Trump appointed Stephen Milan as the new open fed leader.
Meanwhile, major chip companies like Nvidia reached record highs on Thursday, reflecting a remarkable 33% increase this year. CEO Jensen Huang also made an appearance at the White House this week, as confirmed by sources.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | Nvidia Corp. | 180.77 | +1.35 | +0.75% |
Stocks for AMD, Applied Materials, and Taiwan Semiconductor also saw gains, supported by major exchange-traded funds like Vaneck Semiconductor ETF, Ishares Semiconductor ETF, and Direxion Daily Semiconductor Bull 3X Share.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMD | Advanced Micro Devices Inc. | 172.40 | +9.28 | +5.69% |
| AMAT | Applied Materials Inc. | 183.15 | +5.01 | +2.81% |
| TSM | Taiwan Semiconductor Manufacturing Co. Ltd. | 242.63 | +11.32 | +4.90% |
| SMH | Vaneck Vectors Semiconductor ETF | 291.12 | +4.50 | +1.57% |
| SOXX | iShares Trust Phlx Semiconductor ETF | 240.84 | +3.91 | +1.65% |
| SOXL | Direxion Shares ETF Trust Daily Semiconductor Bull 3X | 25.14 | +1.19 | +4.97% |
| INTC | Intel Corp. | 19.77 | -0.64 | -3.14% |
However, in a contrasting situation, Intel’s stock dipped following Trump’s call for CEO Lip-Bu Tan to resign, citing too close a relationship with China and claiming it posed a “conflict.”
Intel responded to Reuters, asserting that the company and its CEO are firmly committed to supporting US national security and the defense ecosystem.
Despite this, the Nasdaq Composite managed to achieve its 17th record in 2025. The Invesco QQQ Trust Series ETF became one of the most actively traded ETFs on Thursday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| QQQ | Invesco QQQ Trust -USD DIS | 569.24 | +1.92 | +0.34% |
In summary, the Nasdaq has surged by 10% this year, outpacing the S&P 500’s 7.8% increase.
