By Katherine Hamilton
Some of the biggest technology stocks spiked after President Trump said there would be a 90-day pause on tariffs, relieving fears about semiconductor chips and artificial intelligence.
Apple and Nvidia gained 12% and 13%, respectively, to $192.43 and $109.15. Microsoft rose 8% to $383.82. Hewlett Packard climbed 7.9% to $23.61 and Intel jumped 16% to $21.06. Broadcom and Qualcomm were up 14% and 12%, respectively.
Trump posted on his Truth Social platform Wednesday that there would be a 90-day pause on tariffs for all countries except for China, on which he is imposing a 125% tariff.
Trump's tariff campaign wasn't set to directly affect semiconductors imported into the U.S., but China's retaliatory tariffs on U.S. imports of products with chips in them could lead to higher prices on those electronics and weaken demand for them.
Chip companies had fallen after President Trump said last week he was imposing tariffs of 32% on Taiwan and 34% on China.
There were also concerns tariffs would slow down AI growth, given higher anticipated costs for many of the products used in data centers.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
April 09, 2025 14:03 ET (18:03 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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