Morgan Stanley notes that, at peak, the firm’s IT hardware coverage was facing $50B-plus of tariff costs and that following Friday’s Presidential Memorandum that total is now just $7B. However, policy uncertainty remains high and attention should shift to the ramifications of future semi tariffs and the ongoing impact to hardware demand, added the analyst. Despite reciprocal tariff rates coming down “meaningfully over the weekend (again, for now),” the names the firm sees as relatively better-positioned “haven’t materially changed,” though it now adds Apple (AAPL) to this list as “the single largest beneficiary of Friday’s Presidential Memorandum.” The firm also highlights Overweight-rated Dell (DELL) with “effectively zero tariff risk (for now),” as well as Overweight-rated Seagate (STX) among its IT hardware coverage.
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