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CEO of Meta and Facebook Mark Zuckerberg, Lauren Sanchez, Amazon founder Jeff Bezos, Google CEO Sundar Pichai, and Tesla and SpaceX CEO Elon Musk attend the inauguration ceremony before Donald Trump is sworn in as the 47th U.S. president in the U.S. Capitol Rotunda in Washington, Jan. 20, 2025.

Saul Loeb | Via Reuters

Technology stocks have slumped more than 7% since President Donald Trump took office in January, with new tariffs setting off a trade war and adding fuel to the risk-off sentiment on Wall Street.

Economists warned the tariff spat could spike inflation and send shockwaves worldwide, prompting investors to dump winning stocks and mitigate risk.

The fears have battered technology stocks that led the market in the wake of Trump’s presidential victory. The S&P 500 technology sector fell 1% on Tuesday, building on a 3.5% loss from the previous session. It’s down 7.6% since Trump’s inauguration.

Tariffs may spike manufacturing costs for leading technology companies such as Apple and Nvidia that assemble and manufacture products outside the U.S.

Nvidia, the leading artificial intelligence chipmaker, fell nearly 9% on Monday in response to the tariffs and has plummeted more than 17% since Trump took office. Shares continued to slip Tuesday.

The company makes most of its chips in Taiwan but manufactures some more complex systems in other regions. Nvidia said it plans to produce some chips at Taiwan Semiconductor Manufacturing‘s planned facilities in the U.S. Trump announced Monday that the company will be investing an additional $100 billion toward building five new fabrication facilities in Arizona, bringing TSMC’s total investment in the U.S. to $165 billion.

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Semiconductor stocks have also underperformed, with the VanEck Semiconductor ETF down nearly 14% since the inauguration. Advanced Micro Devices has shed about 20%, while Broadcom and Marvell Technology have tanked more than 21% and 31%, respectively.

Elon Musk-backed Tesla has lost a third of its value since the inauguration. Alphabet has dropped about 15%, while Microsoft and Amazon are down at least 10% each. Apple is up 3%.

Trump smashed hopes of a potential last-minute deal Monday, clearing the way for 25% duties on Canada and Mexico to go into effect. He said there was “no room left” to discuss alternatives after weeks of negotiations. He also put an additional 10% tariff on Chinese goods.

All three countries responded to the new levies. Canada said it would implement retaliatory tariffs as soon as Tuesday, and Mexico said it is preparing to announce a plan Sunday. China has punched back with a tariff of up to 15% on some U.S. goods.

Apple's China tariff worries: Here's what to know

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Super Micro issues weak guidance, cites ‘economic uncertainty and tariff impacts’

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Super Micro issues weak guidance, cites 'economic uncertainty and tariff impacts'

Charles Liang, CEO of Super Micro, speaks at the HumanX AI conference at in Las Vegas on March 10, 2025.

Big Event Media | HumanX Conference | Getty Images

Super Micro issued disappointing guidance on Tuesday, a week after the server maker provided preliminary results for the latest quarter that fell far shy of Wall Street’s expectations. The stock slid about 4% in extended trading.

Here’s what the company reported in comparison with LSEG consensus:

  • Earnings per share: 31 cents adjusted vs. 50 cents expected
  • Revenue: $4.60 billion vs. $5.42 billion expected

While the latest numbers were below analysts’ estimates, they were in line with early results that Super Micro disclosed last week. The company said at the time that revenue in the fiscal third quarter would be between $4.5 billion and $4.6 billion, and that earnings per share would fall in the range of 29 cents to 31 cents. The stock plummeted 12% following that release.

But Super Micro on Tuesday gave investors their first glimpse into fourth-quarter results, and those are also below expectations. Super Micro called for 40 cents to 50 cents in adjusted earnings per share on $5.6 billion to $6.4 billion in revenue. Analysts polled by LSEG had been looking for 69 cents in adjusted earnings per share on $6.82 billion in revenue.

The macroeconomic environment is likely to weigh on performance, the company said, following President Donald Trump’s announcement in early April of sweeping new tariffs on imported goods. CEO Charles Liang also said that some customers delayed purchases of data center technology in the latest quarter.

“We do expect many of those commitments to land in the June and September quarters, reinforcing my confidence in our ability to meet our long-term targets,” Liang said in the release. He added that “economic uncertainty and tariff impacts may have a short-term impact.”

Super Micro’s revenue grew 19% year over year during the quarter, which ended on March 31. Net income of 17 cents per share were down from 66 cents in the same quarter a year ago.

It’s been a treacherous past year for Super Micro. Prior to that, the stock had been on a tear due to the company’s position in the artificial intelligence market, selling servers packed with Nvidia’s graphics processing units.

Over the summer, short seller Hindenburg Research issued a report on the Super Micro, claiming it had found proof of “accounting manipulation.” In October, Ernst & Young resigned as the company’s auditor after raising concerns about internal control over financial reporting and other matters.

An independent special committee investigated but “did not raise any substantial concerns about the integrity of Super Micro’s senior management or Audit Committee, or their commitment to ensuring that the Company’s financial statements are materially accurate,” according to a statement.

In February, Super Micro filed an annual report for its 2024 fiscal year, which ended on June 30, helping to keep the stock from being delisted on Nasdaq. Staff from the exchange had informed Super Micro that the company was back in compliance with filing requirements, according to a statement.

As of Tuesday’s closing bell, Super Micro had gained 9% so far in 2025, while the S&P 500 index had declined by 4%.

Executives will discuss the results on a conference call starting at 5 p.m. ET.

This is breaking news. Please check back for updates.

WATCH: Super Micro Computer cuts full year revenue guidance

Super Micro Computer cuts full year revenue guidance

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AMD earnings beat as overall sales surge 36%

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AMD earnings beat as overall sales surge 36%

Lisa Su, CEO of AMD, attends the Artificial Intelligence Action Summit at the Grand Palais in Paris on Feb. 10, 2025.

Benoit Tessier | Reuters

Advanced Micro Devices reported first fiscal-quarter earnings on Tuesday that topped expectations, and provided a strong forecast for current-quarter revenue.

Shares of AMD rose more than 4% in extended trading.

Here’s how the chipmaker did versus LSEG expectations for the quarter that ended March 29:

  • Earnings per share: 96 cents adjusted vs. 94 cents expected
  • Revenue: $7.44 billion vs. $7.13 billion expected

For the current quarter, AMD expects about $7.4 billion in sales with a gross margin of 43%, versus Wall Street estimates for earnings of 86 cents adjusted on $7.25 billion in sales.

AMD’s forecast also included $800 million in costs that the company said it would incur because the U.S. limited the export of some of the company’s artificial intelligence chips during the quarter.

The company reported net income of $709 million, or 44 cents per diluted share, versus net income of $123 million, or 7 cents per share, during the year-earlier period. Revenue grew 36% on an annual basis.

AMD is the second-place server central processing unit vendor, behind Intel, but its Epyc line of processors has been taking market share in recent years.

The company is also the closest competitor to Nvidia for “big GPUs,” or graphics processing units. Those are the kind of chips that are deployed in data centers by the thousands for building generative AI. It did $5 billion in AI GPU sales in the company’s fiscal 2024.

Both are reported in the company’s data center segment, which came in at $3.7 billion in sales, topping a StreetAccount estimate. Data center sales were up 57% on an annual basis, which the company attributed to demand for both Epyc processors and Instinct GPUs.

The company’s other major segment, Client and Gaming, includes chips for consumer devices such as laptops, gaming PCs and game consoles. The overall segment rose 28% on an annual basis to $2.9 billion. AMD said sales for its laptop and PC chips, which it calls client revenue, surged 68% year over year because of strong demand for chips called Zen 5 that the company released last summer.

Gaming sales, however, declined 30% on an annual basis, which the company attributed to a decrease in console chip revenue.

AMD’s embedded segment, which is mostly sales from the company’s 2022 acquisition of Xilinx, declined 3% on an annual basis to $823 million.

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Chip stocks fall as Nvidia, AMD warn of higher costs from China export controls

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EA tops fourth-quarter bookings as CEO touts ‘Battlefield’ reveal

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EA tops fourth-quarter bookings as CEO touts 'Battlefield' reveal

Visitors play the EA Sports FC 25 game in front of a placard with England’s midfielder Jude Bellingham at the Electronic Arts booth during the media day at the Gamescom video games trade fair in Cologne, western Germany, on Aug. 21, 2024.

Ina Fassbender | AFP | Getty Images

Electronic Arts topped fiscal fourth-quarter bookings estimates Tuesday.

Shares rose about 7%.

Here’s how the company did versus LSEG consensus estimates:

  • Earnings: 98 cents per share. The figure is not comparable to analyst estimates
  • Revenue (bookings): $1.80 billion vs. $1.56 billion expected

The video game maker said it expects bookings to range between $7.60 billion and $8 billion for the fiscal 2026 year, ahead of a StreetAccount estimate of $7.62 billion. Net bookings for the 2025 fiscal year totaled $7.355 billion.

First-quarter bookings guidance came up short of analyst expectations. EA expects the figure to range between $1.175 billion and $1.275 billion, versus a $1.275 billion projection from analysts.

CEO Andrew Wilson said that the company’s FC and College Football games contributed to a strong year of bookings.

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“As we look to the future, we’re confident in our ability to execute across a deep pipeline — beginning this summer with the highly anticipated reveal of ‘Battlefield,’ a pivotal step in delivering on our next generation of blockbuster entertainment,” he wrote.

Net income for Q4 2025 grew nearly 40% to $254 million, or 98 cents a share, from 182 million, or 67 cents in the fourth quarter of Q4 2024. For the year, net income totaled 1.12 billion, or $4.25 per share, down from $1.27 billion, or $4.68 per share last year.

The company also announced a 19-cent per share dividend.

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