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

A majority of Big Tech stocks were up on Wednesday after former President Donald Trump won his re-election bid against Democratic candidate Kamala Harris.

Google (GOOGLE+1.75%) parent company Alphabet’s shares rose over 3% after the market opened, while Amazon (AMZN+1.31%) shares rose more than 2% — hitting a record intraday high since a peak in July. Microsoft (MSFT+1.04%) and Apple (AAPL+1.87%) shares rose minimally by around 1% and 0.2% respectively.

Meta (META+3.48%) was the only Big Tech company to see its shares fall; they fell about 1.3%.

Chipmaker Nvidia’s (NVDA+1.47%) shares rose 2.7% on Wednesday, boosting its market value to $3.53 trillion to maintain its place as the most valuable public company in the world. Apple is right behind with $3.41 trillion.

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

Intel (INTC+3.57%), which is expect the biggest Chips Act package so far (almost $20 billion in financing and loans), the company’s shares rose over 4% on Wednesday.

Meanwhile, the Dow Jones Industrial Average climbed more than 1,300 points at the market open, while the S&P 500 rose 1.9% and Nasdaq futures rose 1.8%. Before Trump was declared the winner, Bitcoin hit an all-time high over $75,000 Tuesday night.