Tech Stocks Fall. It’s Not Just a Hardware Hit from Tariffs.
Technology stocks were among the worst hit by the White House’s tariff announcement. Heavy levies on imports from China, Taiwan, Vietnam and other Asian countries are set to test hardware supply chains, adding to the drop caused as traders flee the growth-sensitive tech sector.
Apple was down more than 7% in premarket trading, while Tesla lost 6%, chip maker Nvidia fell 5.7% and Taiwan Semiconductor Manufacturing’s U.S.-listed shares lost 5.1%.
“Especially China exposed names like Apple, Nvidia, Tesla, TSMC, and a host of other tech and supply chain names will be the most under pressure as worries about this China 34% tariff (could be 54% when adding the baseline) and 32% Taiwan tariff are almost hard to look at,” wrote Wedbush analyst Daniel Ives in a research note.