Shares of major chip stocks rose as investors bet these companies' U.S. investments may help mitigate President Trump's proposed 100% semiconductor tariffs.

US President Donald Trump's sweeping new tariffs on countries around the world have come into effect in an escalation of his trade war. "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" he said on social media minutes before midnight in Washington, DC.

Most of the new duties kicked in Thursday, hitting countries with elevated rates that mark a departure from long-standing trade norms.