Apple and Nvidia led the “Magnificent Seven” stocks higher on Monday. This came after the Trump administration announced temporary tariff exemptions for tech products over the weekend. The U.S. Customs and Border Protection announced exemptions for consumer electronics, networking equipment, and computing products.
These include GPUs and servers. The products represent $340 billion in global imports. China accounts for $100 billion of the exemptions.
Apple shares rose as much as 6.3% in premarket trading. Nvidia stocks jumped as much as 3%. The new exemptions cover servers with the AI chipmaker’s GPUs imported from Taiwan and China.
Other tech giants also saw gains early Monday. Google’s shares increased around 1%. Nvidia rival Advanced Micro Devices climbed 3.9%.
Temporary tech tariff reprieve boosts stocks
Fellow chipmakers Broadcom and Qualcomm saw rises of up to 2%. The tariff reprieve follows President Trump’s April 2 announcement of global reciprocal tariffs.
These included significant levies on imports from Taiwan and Vietnam, set to go into effect on April 9. However, the President subsequently made adjustments. He left a 10% baseline global tariff effective from April 5 in place.
On Sunday, President Trump told reporters aboard Air Force One that additional tariffs would be announced “over the next week.” He noted that these would particularly target semiconductors. Wedbush analyst Dan Ives commented on the situation. He noted that the confusing messaging could ultimately benefit the tech industry.
Ives suggested the temporary exemptions provide some flexibility and an opportunity for further negotiations with China. This could potentially deescalate trade tensions. The “Magnificent Seven” tech stocks had suffered significant losses following the April 2 announcement of Trump’s tariff plan.
However, the latest developments signal a potential reprieve.
Image Credits: Photo by Timelab on Unsplash
