Nvidia and Google shares rise, while Meta and TSMC shares fall after Trump’s election victory

Shares of most Big Tech companies rose Wednesday after former President Donald Trump won his re-election bid against Democratic challenger Kamala Harris.

Google (GOOGLEShares of parent company Alphabet rose more than 3% after the market opened, while shares of Amazon (AMZN) shares rose more than 2%, hitting their all-time intraday high since their peak in July. Microsoft (MSFT) and Apple (AAPL) shares rose minimally by about 1% and 0.2%, respectively.

Meta (META) was the only major technology company whose shares fell; they fell about 1.3%.

Chip manufacturer Nvidia (NVDA) shares rose 2.7% on Wednesday, increasing the company’s market capitalization to $3.53 trillion, maintaining its position as the world’s most valuable public company. Apple is slightly behind at $3.41 trillion.

U.S.-listed shares of Taiwan Semiconductor Manufacturing Co. fell about 3% on Wednesday. The chip manufacturer counts American companies Nvidia and Apple as its main clients. But during an appearance on The Joe Rogan Experience podcast before the election, Trump accused Taiwan of stealing US chip industry. The president-elect also said he would impose tariffs on Taiwanese chips and called the Biden administration’s US Chips and Science Act. “so bad.”

Intel (INTC), What waiting for the biggest Chips Act package yet (almost $20 billion in financing and loans), its shares rose more than 4% on Wednesday.

Meanwhile, the Dow Jones Industrial Average rose by more than 1300 points At market open, the S&P 500 index rose 1.9% and Nasdaq futures rose 1.8%. Before Trump was declared the winner, Bitcoin hits all-time high above $75,000 Tuesday night.

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