Donald Trump will take aim at the tech sector with the exception of cybersecurity.
The fate of American technology companies post-election is a big issue and eyes are on Silicon Valley, home to Facebook, Google and Intel to name a few.
As reported on TechCrunch Silicon Valley features some of the most valuable companies in the global economy. For every dollar the tech community donated to Trump’s campaign, $60 went to Clinton. The feeling is mutual; according to analysts familiar with Trump’s proposals, he will not be a friend to the tech world.
Trump wants Apple (NASDAQ:AAPL) to manufacture its products in the United States rather than abroad and called out the company during his campaign. iPhones are mainly made in China for cost reasons. Production in America could harm revenues.
Trump’s views rose to prominence on Twitter (NYSE:TWTR) and now his success marks difficult terrain ahead for the online social networking company. Today trading was however strong; stocks finished up 4.14 percent at $19.13 per share.
The concept of global warming was created by and for the Chinese in order to make U.S. manufacturing non-competitive.
— Donald J. Trump (@realDonaldTrump) November 6, 2012
This is also an issue that Trump is unlikely to step lightly around. He will crack down on immigrants and suspected terrorists by demanding data from cell phones. The Valley has been committed to a strong immigration program that sees skilled foreign workers cherry-picked for their talents come to work in the US. This carved the way to those elusive green cards that will now be harder to come by than ever. So bad news for foreigners but good news for the industry itself which it seems Trump will rally behind. Palo Alto Networks (NYSE:PANW) was up 4 percent the day after Election Day to finish at $159.02.
Trump has loudly denied climate change which spells tough times for greentech companies. He has called global warming a hoax which will worry companies such as Tesla (NASDAQ:TSLA), whose customers have come to rely on their innovation in the sustainable energy market. They were down today 2.5 percent to finish at $190.06 per share.
Techies enjoyed a fruitful relationship with Obama but Trump will target the perceived elite living in the Pacific Northwest. Silicon Valley, prime Democrat territory, will now have to deal with the fallout.
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Securities Disclosure: I, Emma Harwood, hold no direct investment interest in any company mentioned in this article.