While Microsoft’s direct exposure to tariffs is limited compared to companies that either sell physical goods or provide platforms for companies selling those goods, it still faces risks. Rising equipment costs and potential cuts to clients’ software budgets could have an impact.

CEO Satya Nadella pointed to the company’s expanding AI infrastructure—particularly investments in Nvidia GPUs—as an area where tariff-driven costs could emerge. Still, he positioned software as a deflationary force. 

“If you buy into the argument that software is the most malleable resource we have to fight any type of inflationary pressure or growth pressure where you need to do more with less, I think we can be super helpful in that,” Nadella said.

Tariffs will add $900 million in costs for Apple

Apple CEO Tim Cook said that if current tariff conditions persist, the company could face an additional $900 million in costs for the June 2025 quarter. In that quarter, Cook said the majority of iPhones sold in the U.S. will come from India, while iPads and Macs imported to the U.S. will be manufactured in Vietnam. 

Cook confirmed that China would remain the primary source for the “vast majority” of Apple products.