Nvidia, AMD, ASML Stocks Rebound Pre-Market After TSMC Stands By Guidance Despite Trump Tariff Risks

Shares of Nvidia (NVDA), ASML (ASML), and Advanced Micro Devices (AMD) rebounded in pre-market trade Thursday after Taiwan Semiconductor Manufacturing Company (TSMC) reaffirmed its bullish outlook for the year. 

The world’s largest contract chipmaker cited sustained demand for artificial intelligence chips and said it has yet to see any shift in customer behavior, despite rising uncertainty around U.S. tariffs during its first quarter (Q1) earnings call.

TSMC stock rose 2.7% ahead of the market open. U.S.-listed shares of ASML gained as much as 1.3%, while Nvidia and AMD stocks were up nearly 1%. Peers Qualcomm (QCOM) and Broadcom (AVGO) shares each rose more than 1.5%.

The rebound followed sharp losses Wednesday, when Nvidia warned of a $5.5 billion revenue hit due to new U.S. restrictions on AI processor exports to China. 

ASML also flagged uncertainty in its outlook, and AMD warned it could take an $800 million revenue hit under the expanded U.S. export restrictions. Chipmakers across the board saw losses.

TSMC, a bellwether for the global semiconductor industry, held firm on its 2025 capital expenditure target of $38 billion to $42 billion. 

The company also projected second-quarter (Q2) revenue of $28.4 billion to $29.2 billion, up from $20.8 billion in the same quarter of the previous year. Full-year revenue growth is expected to fall between 20% and 30%, with AI chip sales forecast to double.

“We certainly are mindful of the potential impact from all the recent tariff announcements,” CEO C.C. Wei said during the earnings call. “That said, we have not seen any change in our customers' behavior so far, so we are sticking to our forecasts.”

Wei confirmed the company is not engaged in discussions around joint ventures, technology licensing, or “sharing,” despite recent reports of possible involvement with Intel (INTC). 

He also clarified that TSMC would not participate in tariff negotiations, calling them matters for governments to address.

TSMC's stock price still down 23% for the year, weighed down by the threat of a 32% U.S. tariff that President Donald Trump recently paused. Taiwan and the U.S. held their first direct tariff talks last Friday.

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