Meta, AMD, Apple, AT&T Among Biggest US Tech Giants That 'May Suffer The Most' As Tariffs Spark Trade Turmoil: Here's Why

Top U.S. technology multinationals, which have been the biggest beneficiaries of globalization, come to the fore as tariffs could heavily impact the cost of the goods sold by these firms.

What Happened: The data shared by Gina Martin Adams, the chief equity strategist and global director of equity strategy at Bloomberg Intelligence, shows the top tech companies in the U.S. that are likely to be impacted by tariffs announced by President Donald Trump on Wednesday.

These firms “may suffer the most as tariffs spark trade turmoil and threaten the long-expanding margin domination of American companies,” explains Adams.

The graphic shared by her shows that Mark Zuckerberg‘s Meta Platforms Inc. META spends less than 10% of the total amount required for them to produce their products and services in the U.S., making it the most vulnerable to tariffs.

The top 10 firms also include Advanced Micro Devices Inc. AMD, Apple Inc. AAPL, and AT&T Inc. T.

Adams says that these firms could face more challenges in the wake of retaliation by other countries, further influencing the global supply chain. “White House tariffs may only be the start, as retaliations further strain global supply chains,” she adds.

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Why It Matters: According to Adams, “Contrary to popular belief, mega-cap U.S. tech may be at considerable risk, with extremely high valuations and assumptions that margin moats will remain intact.

Companies with high facilities exposure and elevated cost of goods sold outside the U.S. face the greatest direct threats in the short run, while those with elevated revenue exposure are not immune.”

However, she adds, “Non-domestic stocks and defensive U.S. sectors may provide some haven as U.S. companies adjust to the new regime.”

Wedbush’s Daniel Ives adds that “Negotiations the only option at this point for White House.”

Whereas, Craig Shapiro of Bear Trap Reports contends by saying that Trump isn’t looking for concessions from trading partners, but “wants/needs the tariff revenues to help plug the fiscal deficit budget hole.”

Price Action: Here’s how these top 10 firms listed by Adams have performed.

Ahead of the tariff announcements on Wednesday, the SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, rose in trade. The SPY was up 0.63% to $564.52, while the QQQ advanced 0.73% to $476.15, according to Benzinga Pro data.

On Thursday, the futures of the Dow Jones index dropped 2.25%, whereas the S&P 500 and Nasdaq 100 indices also slumped by 3.02% and 3.52%, respectively.

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