Apple (AAPL) and Nvidia (NVDA) led the “Magnificent Seven” stocks higher Monday as investors cheered the Trump administration’s temporary tariff exemptions for tech products announced over the weekend.
US Customs and Border Protection issued regulations late Friday exempting consumer electronics, networking equipment, and computing products, including GPUs and servers from reciprocal tariffs.
Taken together, the products represent $340 billion in global imports, with China accounting for $100 billion of the exclusions, Bernstein analyst Stacy Rasgon wrote in an analysis early Monday.
Apple rose as much as 6.3% premarket, as the exemptions covered almost all of its products — smartphones, personal computers, tablets, smartwatches, and other accessories, according to Citi analyst Atif Malik.
Read more: The latest news and updates on Trump’s tariffs
As of 10:13:13 AM EDT. Market Open.
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Nvidia stock jumped as much as 3%, as the new exemptions cover servers with the AI chipmaker’s GPUs imported from Taiwan and China. Many Nvidia servers were already exempt from tariffs because the majority of products are shipped from Mexico to the US and covered under the USMCA. Reciprocal tariffs on Taiwan are not yet in effect.
Amazon (AMZN), Meta (META), and Google (GOOG) gained around 1% early Monday.
Nvidia rival Advanced Micro Devices (AMD) climbed 3.9% while fellow chipmakers Broadcom (AVGO) and Qualcomm (QCOM) rose as much as 2%.
Read more: What Trump’s tariffs mean for the economy and your wallet
As of 10:13:13 AM EDT. Market Open.
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On April 2, Trump announced global reciprocal tariffs, including levies of 34% and 46% on imports from Taiwan and Vietnam, respectively, which will go into effect on April 9.
The president instead announced a 90-day pause on the reciprocal tariff plan last Wednesday — with the exception of a 145% reciprocal tariff on Chinese imports. Trump also left in place a 10% global baseline tariff effective April 5.
On Sunday, however, Trump said the tech exemptions were a temporary measure, telling reporters aboard Air Force One Sunday: “The tariffs will be in place in the not distant future because as with steel, like we did with automobiles, like we did with aluminum — which are now fully on — we’ll be doing that with semiconductors, with chips, and numerous other things.”
“That’ll take place in the very near future,” Trump said, adding that semiconductor tariffs will be announced “over the next week.”
Wedbush analyst Dan Ives wrote that the confusing messaging was an overall good sign for the tech industry, writing in a note to investors late Sunday, “Overall, we view the dizzying weekend tariff news as a step forward net positive for Apple as well as other tech names at it gives some flexibility and allows for China negotiations to hopefully take place in the coming months which could deescalate some tariff/trade war issues with Big Tech caught in the middle.”
