Nvidia and Google stock rise while Meta and TSMC fall after Trump's election win

A majority of Big Tech stocks were on the rise Wednesday after former President Donald Trump won his reelection bid against Democratic nominee Kamala Harris.

Google (GOOGL) parent company Alphabet’s shares were up over 3% after the market open, while Amazon (AMZN) shares were up over 2% — hitting a record intraday high since a peak in July. Microsoft (MSFT) and Apple (AAPL) shares rose minimally by around 1% and 0.2%, respectively.

Meta (META) was the only Big Tech company to see its shares fall; they dropped around 1.3%.

Chipmaker Nvidia’s (NVDA) shares were up 2.7% on Wednesday, boosting its market cap to $3.53 trillion to keep its spot as the most valuable public company in the world. Apple is just behind at $3.41 trillion.

Taiwan Semiconductor Manufacturing Company’s U.S.-listed shares were down around 3% on Wednesday. The chipmaker counts U.S.-based Nvidia and Apple as its major customers. But during an appearance on “The Joe Rogan Experience” podcast before the election, Trump accused Taiwan of stealing the U.S. chip industry. The president-elect also said he would impose tariffs on Taiwan’s chips and called the Biden administration’s U.S. Chips and Science Act “so bad.”

Intel (INTC), which is expecting the largest Chips Act package so far (almost $20 billion in funding and loans), saw its shares rise over 4% on Wednesday.

Meanwhile, the Dow Jones Industrial Average climbed more than 1,300 points at the market open, while the S&P 500 index rose 1.9%, and Nasdaq futures were up 1.8%. Before Trump was declared the winner, Bitcoin reached an all-time high above $75,000 on Tuesday night.

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