Rising US scrutiny of the global semiconductor industry has put the spotlight on Taiwan Semiconductor Manufacturing Co. (TSMC) and Samsung Electronics Co. ahead of their earnings reports next week. The Trump administration recently revoked waivers that had allowed these firms, along with SK Hynix Inc., to use US technologies in their China-based operations. Bloomberg Economics noted in September that Samsung may face steeper challenges than TSMC due to its larger exposure to the Chinese market.
Despite these headwinds, TSMC remains well-positioned to outperform its peers, maintaining robust sales supported by strong demand for Nvidia Corp.’s Blackwell products and preemptive order frontloading ahead of tariffs. Bloomberg reports that TSMC previously posted stronger-than-expected third-quarter sales, and investors will closely watch for any signs of margin pressure or potential reductions in Intel Corp. outsourcing orders. Samsung, on the other hand, could see a boost from supplying chips to OpenAI’s Stargate project, although its conventional high-bandwidth memory and NAND chips may face varying impacts from China’s new export restrictions on rare earths and other critical minerals used in chipmaking.
Meanwhile, Indian IT firms are preparing for the ripple effects of US visa policy changes. Infosys Ltd., HCL Technologies Ltd., Tech Mahindra Ltd., and Wipro Ltd. will report earnings following the Trump administration’s order introducing a $100,000 fee for H-1B visas, a move that particularly affects India-born workers. Bloomberg Intelligence highlighted that Tata Consultancy Services Ltd.’s recent earnings miss signals a slowdown in discretionary IT spending, although the company plans to increase local hiring in key markets, including the US, despite the visa overhaul. HCL Technologies’ second-quarter revenue growth is expected to be driven by deals in finance and hi-tech sectors, with commentary on AI adoption taking center stage. Tech Mahindra is anticipated to report net-new deal wins up roughly 33%, while Infosys is projected to maintain high single to low double-digit growth under normalized conditions. Wipro is likely to see its slowest profit growth in six quarters, with investor attention on its consulting business.
On the consumer front, India’s retail and FMCG sectors are showing tentative signs of recovery. Avenue Supermarts’ quarterly adjusted net income is likely to have risen 12%, the fastest in five quarters, as store expansion accelerates and government plans to reduce consumer product taxes could provide an indirect tailwind. Nestle India’s second-quarter revenue is expected to rise 5.5% year-on-year, supported by easing urban slowdown and the recent GST cut. Analysts will also monitor commentary on competition from quick-commerce players such as Instamart, Blinkit, and Zepto, which are reshaping the Indian retail landscape.
Bloomberg’s reporting underscores the dual pressures facing global tech and IT markets: regulatory and geopolitical constraints in semiconductors and visa-related cost pressures for Indian IT companies, signaling a week of highly anticipated earnings that could influence investor sentiment across multiple sectors.
