Apple shares are plunging almost 10% in premarket trading, as the iPhone maker is viewed as especially exposed to the Trump administration’s tariff announcements.

As Bloomberg economists write in an overnight report (available to pro subs), "the US reciprocal 34% tariff on China and other nations where Apple has manufacturing will likely amplify operating-margin deterioration, given we don’t expect the company to hike prices to offset the effects." They add that revenue growth "could remain under pressure if Apple does raise product prices, in addition to uneasy consumer sentiment, which might delay upgrades."

Below we excerpt from several other Wall Street research reports, all of which reach the same conclusion:

Rosenblatt Securities (buy, PT $263)

Citi (buy, PT $275)

Jefferies (underperform, PT $202.33)

Wedbush

While Apple is crashing by almsot double digits, the rest of the tech giants are also broadly lower, including: Microsoft -2.6%, Nvidia -5.6%, Amazon -6.1%, Alphabet -3%, Meta Platforms -4.6%, and Tesla -5.9%, Skyworks -3.8%, Broadcom -6.2%.