Key Takeaways from this table :
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Semiconductors & Tariffs: While semiconductors are excluded from direct tariffs, most are still vulnerable to indirect effects via demand destruction, as chips are integral to global supply chains for end products.
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Nvidia Stands Out: AI-focused firms like Nvidia appear most insulated due to strong enterprise demand, hyperscaler AI buildouts, and low price sensitivity.
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Consumer & Analog Chips at Risk: Chips tied to PCs, smartphones, autos, and industrial sectors are more exposed to disruption. However, USMCA exemptions, domestic manufacturing incentives, and AI-related policy support could help buffer some of the impact.
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Tariff Risk Mitigated by USMCA: Nvidia benefits from supply chains routed through Mexico and Canada, with an estimated 40–60% of US-bound systems potentially qualifying for USMCA tariff exemptions.
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Supply Chain Geography Matters: While AI server OEMs with Nvidia GPUs have substantial US and Mexican manufacturing, components like networking equipment and gaming GPUs-largely built in Asia (especially Taiwan)-remain at higher risk, even if final assembly is stateside.
source: https://www.bloomberg.com/professional/insights/artificial-intelligence/tariff-risk-may-reshape-semiconductor-demand-ai-most-resilient/
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Carlos Salas
Portfolio Manager & Freelance Investment Research Consultant
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