trump's tech portfolio revealed: apple, nvidia, but where's tsmc?

2025-09-08 tsmc

Taipei, Monday, 8 September 2025.
financial disclosures from former president trump show investments in big tech. apple and nvidia are in his portfolio. trump’s largest single investment remains the trump media & technology group. the absence of tsmc is notable. this is especially true, given trump’s past emphasis on its strategic importance. why did he choose apple and nvidia? what does this mean for his tech policy views? the market reacted to the news on september 6, 2025.

trump’s tech investments

Former President Donald Trump’s financial disclosures have revealed investments in Apple and Nvidia [1]. The absence of Taiwan Semiconductor Manufacturing Co. (TSMC) from his portfolio is generating discussion, especially considering his previous emphasis on the company’s strategic importance [1]. As of the end of 2024, Trump’s Nvidia holdings were valued between $615,000 and $1.3 million, while his Apple stock was valued between $650,000 and $1.35 million [1]. His largest single investment remains in Trump Media & Technology Group [1].

market reaction and analysis

The market responded to the disclosure on September 6, 2025 [1]. One financial analyst stated that these investments signify strategic diversification, though the specific size of the holdings remains undisclosed [1]. TSMC’s revenue growth is generally stable with strong demand, while ASML’s growth is more cyclical, influenced by technology cycles [3]. Over five years, TSMC’s stock has increased by 221%, while ASML’s has increased by 110% [3]. ASML’s EV/EBITDA is approximately 20x, whereas TSMC’s is around 12x [3].

tsmc’s strategic challenges

TSMC faces operational risks after the U.S. revoked its China equipment waiver, effective December 31 [7]. This action rescinded TSMC’s Validated End User (VEU) status, requiring individual licenses for future shipments of U.S.-origin semiconductor equipment to its Nanjing plant [7]. Macquarie Group noted that without the blanket VEU coverage, acquiring chipmaking gear will be more difficult, and potential delays in license approvals could disrupt operations within months [7]. In the near term, TSMC might redirect equipment orders from its Kumamoto, Japan facility to Nanjing and stockpile spare parts before the deadline [7].

geopolitical and competitive landscape

Qualcomm CEO Cristiano Amon stated on September 5, 2025, that Intel’s chip manufacturing technology isn’t yet suitable for mobile phone processors [4]. TSMC and ASML announced a new partnership for EUV lithography on September 3, 2025 [4]. The competition in the chip market is intensifying [4]. Huawei is expected to release its Kirin 9030 processor in Q4 2025 [4]. TSMC is considered the ‘Value King,’ while ASML is the ‘Profitability Champion’ in the semiconductor industry [3].

Bronnen

TSMC Investment