Micron, Broadcom, Analog Devices Lead Chip Stock Slide As Citi Sees At Least 20% Downside From ‘Convoluted’ Trump Tariffs: Retail Has Mixed Feelings

Shares of Micron Technology Inc. (MU), Broadcom Inc. (AVGO), Analog Devices Inc. (ADI), and other semiconductor companies plummeted on Thursday after analysts at Citi updated their outlook for the sector amid Trump’s reciprocal tariffs.

According to The Fly, the brokerage called the Trump administration’s tariffs “convoluted and virtually impossible to assess completely,” largely because of the semiconductor industry’s complex supply chain.

In case Trump’s reciprocal tariffs end up causing a recession, Citi says semiconductor stocks could plunge by at least 20%.

While Analog Devices’ shares fell more than 9% in Thursday’s regular trading session, the brokerage said it is one of the top picks given that high-end analog companies like ADI and Texas Instruments Inc. (TXN) have performed well when their peers haven’t.

Lower-margin companies like Micron, ON Semiconductor Corp. (ON), and GlobalFoundries Inc. (GFS) could be at the most risk, along with Broadcom.

Retail sentiment on Stocktwits turned ‘bullish,’ but investors remained ‘bearish’ about Broadcom and Analog Devices on the platform.

MU sentiment and message volume April 4, 2025, as of 3 am ET | Source: Stocktwits ADI sentiment and message volume April 4, 2025, as of 3 am ET | Source: Stocktwits MU sentiment and message volume April 4, 2025, as of 3 am ET | Source: Stocktwits

One user cited the Trump administration exempting the semiconductor industry from tariffs for the time being as a positive.

However, not everyone shared the sentiment, with one user saying the Broadcom stock is going to get “wrecked.”

Another user thinks the stock needs to “go down a lot.”

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