Tariff Uncertainty, AI Unease Rattle Tech Shares | Bloomberg Tech 2/23/2026

Supreme Court blocks Trump's tariff authority

The court struck down Trump's use of the International Emergency Economic Powers Act for global tariffs, forcing him to rebuild policy using alternative legal authorities that will take months to implement.

Foreign investment deals at risk

The EU is holding off on parliamentary ratification of their trade agreement, and India suspended scheduled meetings to finalize their deal, creating uncertainty around billions in promised tech investments.

Tech supply chains face disruption threat

Companies like Samsung and SK could face higher tariffs if they don't accelerate U.S. investments, while 95% of global consumers live outside the U.S., making export access critical for American AI technology.

Indiscriminate software selloff accelerates

Salesforce is down 34% year-to-date and 50% from recent peaks, with investors unable to identify which software companies will survive AI disruption.

Nvidia earnings as market litmus test

The chip giant reports Wednesday with expectations sky-high, but the stock has fallen after each of the last two earnings reports despite being the largest S&P 500 company.

Private credit market shows stress

Blue Owl Capital shut investor withdrawals from one fund due to heavy exposure to software-as-a-service companies now facing AI disruption uncertainty.

Valuations too high for momentum

Tech stocks need exceptional earnings beats to move higher as valuations have reached stretched levels, with Nvidia trading at 24 times historic earnings.

Emerging markets gain favor over AI plays

Morgan Stanley Investment Management is moving away from AI bets toward emerging markets that are insulated from the crowded tech trade.

Manufacturing diversification continues

Companies maintain long-term strategies to spread production across the U.S., Mexico, Asia, and India regardless of short-term policy uncertainty.