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Apple Leads Global Tech Rally After Trump Tariff Exemptions

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Global technology stocks surged Thursday after U.S. President Donald Trump announced that his proposed 100% tariffs on chips and semiconductors would largely exempt companies manufacturing in, or committed to manufacturing in, the United States.

Apple shares rose 2%, recovering most of their losses since April’s Liberation Day selloff, after Trump confirmed the company will invest an additional $100 billion in U.S. operations — a move that could shield iPhones from potential tariffs. Semiconductor suppliers and Apple partners, including Applied Materials, Texas Instruments, GlobalFoundries, and Broadcom, gained between 1.3% and 5.5%. Other U.S.-listed chipmakers also rallied, with AMD up 3.1% and Nvidia up 1.4%.

European chipmakers joined the rally, with ASML and ASMI rising more than 3% each and BE Semiconductor Industries up 4.7%. J.P. Morgan analysts noted that the proposed 100% tariff would not stack on top of the 15% baseline tariff agreed between the U.S. and EU last week, which includes zero-for-zero tariffs on semiconductor equipment.

Taiwan’s TSMC, which produces chips for most major U.S. tech firms, saw its shares hit an all-time high after gaining nearly 5%, buoyed by investor confidence in AI demand regardless of tariff risk. South Korea’s Samsung Electronics and SK Hynix, both with significant U.S. investments, rose 2.5% and 1.4%, respectively, after confirmation they would not face the 100% tariff.

However, not all markets benefited. The Philippines, where semiconductors account for 70% of electronics exports, warned the tariffs could be “devastating” and saw its stock market close slightly lower. Malaysia also requested clarity from U.S. trade officials on the tariff scope.

AMD Data Center Revenue Disappoints, Shares Drop About 4%

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Advanced Micro Devices (AMD.O) reported weaker-than-expected data center revenue in its second quarter, disappointing investors betting on the company’s AI chip growth potential. Shares of the Santa Clara-based chipmaker fell roughly 4% in extended trading.

While AMD’s stock has climbed over 40% this year—outperforming the chip index’s 12% gain—its data center segment growth lagged behind rival Nvidia (NVDA.O), the dominant player in AI chips. Nvidia’s data center revenue surged 73% to $39.11 billion in its fiscal first quarter, driven by demand for its Blackwell GPUs and networking hardware.

AMD’s second-quarter data center revenue grew 14% to $3.2 billion, close to analysts’ estimate of $3.22 billion. This segment includes both server CPUs and Instinct AI chips. Portfolio manager Dan Morgan from Synovus Trust noted the “lackluster” data center results were concerning given AMD’s reliance on this segment.

CEO Lisa Su said the decline in AI chip revenue year-over-year was due to U.S. export restrictions on shipments to China and the transition to next-gen MI350 AI chips. Production of the MI350 series began ahead of schedule in June, with a planned steep production ramp in the second half of the year.

AMD also revealed that shipments of its MI308 AI chips to China remain on hold pending U.S. government export license approvals, impacting revenue. The company expects to resume shipments once licenses are granted. These export curbs are estimated to reduce AMD’s 2025 revenue by about $1.5 billion, mainly affecting Q2 and Q3.

For Q3, AMD forecast revenue of approximately $8.7 billion (±$300 million), above analyst expectations of $8.3 billion. The company projected adjusted gross margins around 54%, in line with estimates.

Adjusted earnings per share for Q2 were 48 cents on revenue of $7.69 billion, excluding stock-based compensation and other items.

Super Micro’s Quarterly Results Disappoint, Shares Drop Nearly 15.5%

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Super Micro (SMCI.O) missed Wall Street estimates for its fourth-quarter revenue and profit, as the company faces stiff competition from larger server manufacturers in the AI-driven high-performance computing market. Shares plunged about 15.5% in extended trading following the earnings release and multiple downward revisions to its full-year guidance.

The company now forecasts at least $33 billion in revenue for fiscal year 2026, falling short of its earlier target of around $40 billion set in February. Analyst expectations averaged $29.94 billion, according to LSEG data.

Despite gains in the competitive server market, Super Micro is losing ground to industry giants such as Dell Technologies (DELL.N) and HP Enterprise (HPE.N), which benefit from larger customer bases. Analyst Gil Luria of D.A. Davidson suggested customers prefer servers from these bigger players amid strong market demand.

Dell raised its annual profit forecast, and HP Enterprise beat second-quarter revenue and profit estimates, underscoring Super Micro’s challenges. CEO Charles Liang noted improved chip availability expected in the fiscal year ahead, following previous delays in Nvidia (NVDA.O) processor supplies that hurt recent quarters.

Super Micro’s shares have surged about 90% this year amid excitement over AI server demand and innovative cooling technologies. However, as Kim Forrest of Bokeh Capital Partners explained, investor enthusiasm for AI-related firms means any softness can trigger sharp sell-offs.

For the quarter ended June 30, Super Micro posted revenue of $5.76 billion, below the $5.89 billion consensus, and adjusted earnings per share of 41 cents, missing estimates of 44 cents due in part to tariff impacts.