US chip firms' annual forecasts to be a 'wildcard' amid tariffs, TD Cowen says

TD Cowen expects US semiconductor companies' quarterly earnings to be 'fine on paper' and annual outlook from cos to be a 'wild card' given potential pressure on margins and revenue from tariffs

Nvidia NVDA.O remains brokerage's top pick; it also prefers AMD AMD.O, Broadcom AVGO.O and Credo CRDO.O

NVDA, AMD and AVGO up between 3% and 3.5%

CRDO up ~5%

Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including a 104% duty on Chinese goods

"Tariffs throw a significant wrench into what was already likely a volatile set of earnings" - TD Cowen

NVDA and AMD set to report quarterly results on May 28 and May 6 respectively

The Philadelphia Semiconductor index .SOX has dropped 17% since 31 March, taking losses so far this year to 28.5%

Brokerage cuts PTs of following semiconductor stocks: