Most semiconductors remain tariff-exempt; however, AI-related products may incur tariffs since they include various components not exempt. With $45 billion worth of semiconductors, mainly from Taiwan, the broader AI ecosystem requires more than just chips. The complexity of tariffs, including potential impacts on modules and cards containing multiple chips, raises questions among analysts. Experts emphasize that while semiconductors themselves are exempt, the costs associated with complete products, reliant on multiple non-exempt components, can significantly offset any benefits from the exemptions.
"We still have more questions than answers about this," wrote Morgan Stanley analysts in a note sent to investors Thursday morning. "Semiconductors are exempt. But what about modules? Cards?"
"We're not exactly sure what to do with all this," wrote Bernstein's analysts. "Most semiconductors enter the US inside other things for which tariffs are likely to have a much bigger influence, hence secondary effects are likely to be far more material."
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