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Express News | Intel And TSMC Reaches Preliminary Agreement To Form A Joint Venture With TSMC Taking A 20% Stake In The New Company
Express News | Shares of Chip Stocks Are Trading Lower as Markets React to President Trump's Announcement of Sweeping Tariffs
U.S. stocks moved differently | Trump's reciprocal tariffs caused a sharp decline in Technology stocks, with NVIDIA (NVDA.US) dropping over 5%.
Technology stocks and chip stocks suffered heavy losses, with Apple (AAPL.US) dropping over 9%, Meta (META.US) and Amazon falling more than 7%, and NVIDIA (NVDA.US) and Taiwan Semiconductor declining by more than 5%.
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Goldman Sachs trader: I see that the bulls are selling off Technology stocks, and the Hedge Funds are aggressively shorting.
Goldman Sachs trader John Flood stated that when all factors are taken into account, the actual "equivalent tariff rate" in the USA will be close to 20%, significantly higher than Goldman Sachs' previous baseline assumption of 15%. "This will hinder GDP growth, push up inflation rates, and continue to pressure the USA stock market."
