Chip stocks are bouncing around in Wednesday’s after-hours session after President Donald Trump announced plans to slap tariffs on semiconductor companies that aren’t “building” in the U.S.
What Happened: Apple CEO Tim Cook announced a new $100 billion commitment to increase investments in the U.S. from the White House on Wednesday. Trump told reporters at the event that he’s planning to put “very large” tariffs of approximately 100% on semiconductors, per Bloomberg.
“The good news for companies like Apple is if you're building in the United States … there will be no charge,” Trump reportedly said.
The report indicates that the Trump administration could announce new duties on all products that use chips as soon as next week.
Several semiconductor names were moving following Trump’s comments. Micron Technology Inc (NASDAQ:MU) shares were up about 4.35% in after-hours, Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) shares were up 2.41% and Intel Corp (NASDAQ:INTC) shares were up about 1%. NVIDIA Corp (NASDAQ:NVDA) shares were also up about 0.80%, and Advanced Micro Devices Inc (NASDAQ:AMD) shares were up about 0.83%.
Meanwhile, Broadcom Inc (NASDAQ:AVGO) was down about 0.55% and Qualcomm Inc (NASDAQ:QCOM) was down about 0.23%, according to Benzinga Pro.
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