特朗普关税之手终于伸向半导体! 英伟达H200与AMD MI325X遭遇25%“点名关税”

Core Viewpoint - The Trump administration has announced a 25% import tariff on certain semiconductor products, including high-end chips from Nvidia and AMD, effective from the 15th, aimed at bolstering domestic semiconductor manufacturing and reducing reliance on foreign supply chains [1][2]. Group 1: Tariff Announcement and Implications - The new tariff specifically targets imports of high-end semiconductor products, including Nvidia's H200 AI chip and AMD's MI325X chip, while excluding chips imported to support U.S. technology supply chain development [1][2]. - The tariff is part of a broader strategy to enhance domestic semiconductor production capabilities and address national security concerns related to semiconductor imports [2]. - The U.S. Commerce Department's investigation under the Trade Expansion Act of 1962 indicated that current import levels of semiconductors pose a threat to national security [2]. Group 2: Market Reactions and Company Impact - Following the tariff announcement, Nvidia's stock experienced a decline of nearly 3% intraday, closing down 1.44%, while AMD's stock rose by 1.19% [3]. - The tariff increases the cost of cross-border sales for high-performance AI chips, potentially suppressing overseas market demand and putting pressure on profit margins and pricing strategies for both Nvidia and AMD [4][5]. Group 3: Domestic Semiconductor Manufacturing - The tariff policy emphasizes reducing dependence on foreign semiconductor supply chains, pressuring fabless companies like Nvidia to consider relocating advanced chip manufacturing back to the U.S., which could significantly raise manufacturing costs [5]. - The policy does not apply to chips used directly in U.S. data centers or consumer devices, indicating a strategic compromise between export control and allowing some commercial exports [5]. Group 4: Industry Outlook and Equipment Manufacturers - U.S. semiconductor equipment manufacturers, such as KLA, Lam Research, and Applied Materials, are expected to benefit from the tariff, as it may drive domestic chip manufacturers to purchase more U.S.-made semiconductor equipment [7]. - Analysts predict a bullish outlook for the semiconductor equipment sector, with expectations of increased capital expenditures from major chip manufacturers like TSMC, Intel, and SK Hynix due to rising demand for AI chips and storage solutions [8].