Taiwan Semiconductor Manufacturing Co. (TSMC) has faced a difficult year, with its stock declining 15% amid growing concerns over potential US tariffs on semiconductor imports and its substantial investment in the United States.

The chipmaker, a key supplier for companies such as Apple and Nvidia, has committed $165 billion to US expansion, but it remains uncertain whether it would receive an exemption from any potential tariffs imposed by a future Trump administration.

Investor sentiment has also been affected by a broader market shift away from stocks tied to artificial intelligence (AI), which had driven semiconductor shares to record highs in 2023.

This combination of political uncertainty and sector rotation has weighed on TSMC’s performance.

However, analysts at JPMorgan remain optimistic about the company’s resilience and market position.

Despite ongoing uncertainties, Hariharan reaffirmed an Overweight rating on TSMC stock, maintaining a price target of 1,500 New Taiwan dollars (NT$).

Tariffs to have limited impact on TSMC’s earnings: JPMorgan

J.P. Morgan analyst Gokul Hariharan downplayed the risk of tariffs significantly affecting TSMC’s earnings, stating that the majority of the company’s exports are directed to regions outside the United States.

“We believe that a reciprocal tariff on direct Taiwan exports into the US is unlikely to have much effect on TSMC, given most of the exports are to other regions. The key impact would be if the US were to impose [an] indirect tariff on semiconductors coming from Taiwan as a part of goods imported into the US,” Hariharan said in a research note.

Even in a worst-case scenario, Hariharan believes TSMC has enough pricing power to adjust its costs accordingly, mitigating any negative impact on earnings.

Additionally, he suggested that the company’s commitment to expanding US manufacturing could make it less vulnerable to sector-specific tariffs.

No role in Intel rescue plan, says JPMorgan

Another major question surrounding TSMC in recent weeks has been whether it might play a role in rescuing Intel’s struggling foundry business.

Reports suggested that TSMC had explored the possibility of a joint venture with Nvidia and Broadcom to take over some of Intel’s chip-making operations.

However, JPMorgan believes this scenario is unlikely.

Hariharan stated that TSMC would only enter into such an arrangement under “very extenuating circumstances” or if there were “very lucrative financial rewards.”

This presents a double-edged scenario for Intel—while it dampens hopes for an immediate cash injection, investors optimistic about the stock may welcome the company’s continued control over its foundry operations.

Intel has been working to regain its position as a leading semiconductor manufacturer, touting its 18A process as a major breakthrough.

However, JPMorgan sees Intel continuing to rely on TSMC for chip production due to delays in mass manufacturing of the 18A process.

The stock closed 0.6% lower at NT$952 in Taiwan on Friday, while its ADRs edged up 0.1% in premarket trading.

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US President Donald Trump’s plan to impose tariffs on imported vehicles is sending shockwaves far beyond the Detroit auto industry.

The policy is adding to investment risk and is set to hit global supply chains connected to the vast automotive sector, with potentially significant consequences for emerging economies like Thailand.

Thailand in the crosshairs: a vulnerable auto hub

“South Korea is most exposed, followed by Japan. Within ASEAN, Thailand — a regional manufacturing hub — is most vulnerable,” Nomura economists wrote in a note on March 27 about the auto tariff risks in Asia.

Thailand, a major player in Southeast Asia’s automotive industry, is bracing for impact.

The country’s Finance Minister, Pichai Chunhavajira, acknowledged that the auto part exports will be affected by the tariffs.

While Pichai did not quantify the precise impact of Trump’s impending levies, the implications are significant.

Thailand is the largest car production hub in Southeast Asia, boasting an extensive network of factories that supply parts and raw materials to global players ranging from carmakers to tire manufacturers.

The benchmark SET Index in Thailand dropped 1% on Friday to a one-week low.

The index is about 16% lower year to date as Trump’s trade war injects more uncertainties into a market already battered by corporate scandals, weak economic growth, poor corporate earnings, and political instability.

Although Thailand’s auto shipments account for just 4.3% of its exports to the US, weak global demand could depress shipments of auto parts elsewhere.

The vulnerabilities in Thailand underscore the existence of investor landmines worldwide as investors move some investments away from the US’s volatile markets.

Nomura analysts wrote, “These effects may take some time to materialize but, in our view, pose a clear medium-term threat to one of Thailand’s leading industries.”

The 25% tariff on all imported finished vehicles is slated to take effect on April 3.

A 25% tariff on auto parts is slated to take effect no later than May 3.

Trump’s executive order did not name China, but it said the pandemic and its impact on global supply chains has undermined the US’s ability to maintain a resilient domestic industrial base.

It also said that foreign auto industries “propelled by unfair subsidies and aggressive industrial policies, have grown substantially”.

The tariff announcement sent domestic and foreign auto stocks tumbling.

In Asia, Japan’s and South Korea’s car makers are expected to be in the direct line of fire, with shares of auto giants Toyota and Hyundai posting sharp losses since the executive order was signed.

In Europe, shares of automakers also fell, with Germany’s Volkswagen and BMW down 4% since Trump signed the executive order.

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Elon Musk, the CEO of SpaceX, Tesla, xAI, X, and The Boring Company, has asserted that his various businesses are “suffering” as a consequence of his involvement with the Trump administration.

Musk’s claim comes amid increasing scrutiny of his relationship with the White House and the potential conflicts of interest arising from his role as both a prominent business leader and a special government employee.

In an interview with Fox News’ ‘Special Report’, Musk addressed concerns about potential conflicts of interest, stating that it has been “disadvantageous for me to be in the government, not advantageous.”

He added that his “companies are suffering because I’m in the government.”

Following President Donald Trump’s electoral victory, Musk was designated a special government employee.

While not officially the head of the White House’s DOGE office, which is leading the administration’s efforts to downsize the government, Musk has been frequently referenced as a de facto leader in this area.

Tesla’s troubles: a symbol of the strain?

Musk pointed to the recent challenges faced by Tesla as evidence of the strain caused by his government work.

The company has experienced a stock dip amid disappointing global sales figures and investor concern that the CEO is spending too much time away from his company.

In addition to those troubles, Tesla also has faced a series of protests, vandalism incidents, and attacks against its showrooms and vehicles.

Wall Street is starting to show concern about the brand as a whole. It’s unclear what the impact has been on his other companies.

Musk has previously acknowledged overseeing his companies with “great difficulty” and, during an all-hands Tesla meeting on March 20, urged stakeholders to “hang on to your stock.”

A complex relationship: government contracts and subsidies

Musk’s business empire has received significant support from government contracts and subsidies, raising questions about potential conflicts of interest.

The White House’s DOGE office, for example, has taken steps to either weaken or eliminate government agencies that were previously investigating Musk’s companies.

In a demonstration of support, Trump recently stood in front of several Tesla models on the White House’s South Lawn during a media event, praising the electric vehicles he once hesitated to endorse.

Tariffs and trade: navigating an uncertain landscape

The Trump administration’s reliance on tariffs as a tool to influence global trade and encourage domestic production has created an uncertain economic landscape.

Wall Street estimates that Trump’s recent 25% tariffs against all auto and auto part imports could cost the industry as much as $82 billion.

Musk acknowledged that his company would not be “unscathed” by the tariffs, stating in an X post that Tesla could potentially benefit from the tariffs as all of its cars are assembled in the US.

A Tesla spokesperson did not respond to a request for comment made by Business Insider.

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Nvidia Corp (NASDAQ: NVDA) is failing to deliver the kind of returns that investors have come to expect of it in recent years. Year-to-date, the AI darling is down nearly 25% at the time of writing.

But there are other large-cap names that have significantly outperformed NVDA since the start of 2025, but have further room to the upside, according to Victoria Greene.

She’s the chief investment officer at G Squared Private Wealth.

Three of such names that she likes in particular are: Walmart, Altria, and Netflix Inc. Here’s what each of these have in store for investors this year.

Walmart Inc (NYSE: WMT)

Greene is bullish on Walmart stock even though the retail behemoth issued muted guidance in February.

In fact, she sees the Bentonville headquartered firm as “a great place to hide out” from the new tariffs environment and the related economic uncertainty.

The G Squared expert agreed that WMT shares could consolidate for a while around the current levels, but said they’ll eventually claw their way back to over $100.

She’s projecting a more than 20% upside in Walmart stock from here as “if anybody is going to weather tariffs, it’s going to be WMT.”   

Plus, Walmart is a dividend stock that currently yields of 1.10% as well, which makes it all the more exciting to own in 2025.

Altria Inc (NYSE: MO)

Greene recommends loading up on Altria stock at current levels as she believes in its commitment to becoming more than a tobacco company.

“It wants to be everything to help stimulate you, calm you, relax you,” she told CNBC in an interview this week.

The chief investment officer finds MO shares attractive since the price-to-earnings multiple tied to them at writing is lower than the broader market.

Greene expects Altria stock to hit $70 by the end of this year that translates to about a 20% upside from here.

Additionally, a rather lucrative 7.0% dividend yield makes MO a must own amidst the rising economic uncertainty.

Netflix Inc (NASDAQ: NFLX)

Netflix has been a star performer amidst the broader rout in US stocks due to continued uncertainty coming out of the White House.

Still, it’s one that could rally the most in the coming months, as per Victoria Greene.

In fact, she sees NFLX as strongly positioned to weather any potential slowdown that may materialise in the back half of 2025.

Even if you’re beginning to have to reduce your budget, you’re going to keep Netflix in there because they’re so good at pricing.

Greene expects Netflix shares to eventually be worth $1,500, which indicates potential for another 50% upside from current levels.

Shares of the streaming giant do not currently pay a dividend, though.  

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