Apple (AAPL), Dell Technologies (DELL) and HP (HPQ) are among the "worst positioned" in IT hardware following "calamitous" reciprocal tariffs announced by the Trump administration, Morgan Stanley said Thursday in a report.
Those tech giants, together with Cricut (CRCT), Garmin (GRMN), GoPro (GPRO), Logitech International (LOGI) and Sonos (SONO), "all rely on extensive international manufacturing, with the large majority of finished goods sold into the US assembled" in Southeast Asia, Morgan Stanley said, citing companies in its coverage.
For Apple, the added tariff cost may top $33 billion annualized, or 26% of 2025 earnings before interest and taxes, and almost the entire expected net income in 2025 for Dell and HP, the report said.
All hardware products sold into the US face import tariffs of 25% to 54%, including Apple's iPhones, Morgan Stanley said.
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