uploads///words _

Could Trump’s ‘6G’ Innovation Save US Tech Companies?

By

Updated

Donald Trump’s tweets

Donald Trump’s battle with the US media is ongoing, with much of it comprising insults being lobbed back and forth—earlier today, Trump tweeted a meme on CNN’s coverage of alleged Russia-Trump collusion, adding, “Fake News is so bad for our Country!” Nonetheless, many investors keep track of Trump’s tweets, as they can sometimes move markets.

Article continues below advertisement

Trump wants “5G, and even 6G” for America

Yesterday, Trump tweeted, “I want 5G,[1.fifth-generation] and even 6G, technology in the United States as soon as possible,” despite 6G technology not existing. He added, “American companies must step up their efforts, or get left behind. There is no reason that we should be lagging behind on…………something that is so obviously the future.”

However, many American companies seem to have a reason to lag behind. The US-China trade war, triggered by Trump, has hurt many US tech companies in the Chinese market. Apple (AAPL) is feeling the heat of the slowing Chinese economy, which Trump has taken credit for. US chipmaker NVIDIA (NVDA) has also warned investors of the trade war’s impact on its financials. Automakers General Motors (GM), Ford (F), and Tesla (TSLA) also are facing headwinds due to trade tension between the world’s two largest economies.

As of 12:04 PM today, most US companies were trading on a bullish note. Apple, Alphabet (GOOG), NVIDIA, and Qualcomm (QCOM) had risen 0.6%, 1.2%, 2.2%, and 1.1%, respectively, while Amazon (AMZN), Facebook (FB), Micron (MU), Netflix (NFLX), and IBM (IBM) had risen 0.7%, 1.2%, 2.2%, 2.1%, and 1.0%. Microsoft (MSFT), Oracle (ORCL), General Electric (GE), AT&T (T), and Advanced Micro Devices (AMD) had risen 1.4%, 0.6%, 1.0%, 0.8%, and 0.6%, respectively. Meanwhile, Chinese companies Tencent Holdings (TCEHY), Alibaba (BABA), and JD.com (JD) had risen 2.1%, 2.2%, and 5.3%, respectively, and Baidu (BIDU) had fallen 2.7%.

Advertisement

More From Market Realist