Shares in Infineon Technologies (IFNNY) , NXP Semiconductors (NXPI) and other European chip makers that serve major U.S customers dropped following the news that Donald Trump has been elected to lead the country for the next four years.
The Republican candidate had attracted little support from the U.S. tech sector, partly because of a fear he would clamp down on professional visas.
Shares in Infineon were recently down 1.6% at €15.55 in Frankfurt, making it one of the biggest losers among the DAX constituents. Infineon derives 10.5% of its revenue from the U.S., where clients include Apple (AAPL) , Hewlett Packard (HPQ) , Tesla Motors (TSLA) , and Rockwell Automation (ROK) .
Meanwhile, shares in Dutch player NXP, which last month agreed to a takeover by Qualcomm (QCOM) , were down 3.1% at €87.00 in Frankfurt. Factset data said NXP derives 6.8% of revenue from the U.S.
ASML generates 19.3% of its revenue from the U.S., according to Factset.
In Paris, shares in STMicroelectronics (STM) recently slid 0.9%. The Geneva-based maker of chips caters to Apple, Cicso Systems (CSCO) , Delta (DAL) , and Seagate Technology (STX) and Factset said the U.S. accounts for 15.1% of revenue.
Meanwhile, Dialog Semiconductors (DLGNF) , which includes Apple as one of its top five clients, recently saw shares edge up 0.3%. Despite Dialog's heavy reliance on Apple, Factset said the group gets 0.5% of revenue from the U.S.
(Apple, NXP, Cisco systems are held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings here.)