By Krystal Hur
Chipmakers are seeing a boost, despite Donald Trump's stance on legislation directing billions of dollars to them.
Stocks of companies that produce semiconductors were rising Wednesday after Trump was elected as president. The VanEck Semiconductor exchange-traded fund jumped 2.5%. Shares of Qualcomm gained 3.8%, Micron Technology added 5.6% and Advanced Micro Devices rose 1.9%.
Trump has said he would axe the Chips Act, passed in 2022 to inject billions of dollars into boosting the production of U.S. chips that power everything from artificial intelligence to cars. Some analysts also worry that the U.S. factory building boom could slow under Trump.
"When I see us paying a lot of money to have people build chips, that's not the way...You could have done it with a series of tariffs," Trump said in an October appearance on Joe Rogan's podcast.
Shares of Nvidia, Wall Street's favorite artificial intelligence chip play, jumped 4.1%. Trump has said that he favors a "hands off" approach when it comes to AI.
U.S.-traded shares of Taiwan Semiconductor Manufacturing Co. slumped 1.4%. Trump in July took aim at Taiwan's dominance in producing chips, sparking a sell-off in the stock.
- Paul Kiernan contributed to this post.
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(END) Dow Jones Newswires
November 06, 2024 14:13 ET (19:13 GMT)
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