Following President Trump's tariff announcement that sent shockwaves across the global economy, including the tech industry, Citi said the shares of Micron Technology (NASDAQ:MU), On Semiconductor (NASDAQ:ON), Broadcom (NASDAQ:AVGO) and GlobalFoundries (NASDAQ:GFS) are the “most at risk.”

“We believe the companies most at risk are low-margins stocks such as ON, Micron and GlobalFoundries given more margin volatility and high-multiple stocks such as Broadcom as multiples compress,” analyst Christopher Danely wrote in a note to clients.

Micron shares fell 6.6% in premarket trading, while Broadcom, On Semiconductor and GlobalFoundries fell 6%, 4.4% and 3.4%, respectively. The list of products being hit with a tariff exempts semiconductors.

If the tariffs, which Danely said are “convoluted and virtually impossible to assess completely given the length and geographic diversity of the semi supply chain,” cause a recession, all semiconductor stocks could be hit and result in at least 20% or more downside.

“If the tariffs continue for another month, we believe is it highly likely the supply chain
will 'freeze up' given uncertainty, drastically lower order rates/inventory, and result 
in lower guidance across the board – similar to COVID,” Danely explained. However, there could be a “sharp rebound” once the supply chain and tariffs become more stable and predictable, also similar to COVID.

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