The US-China trade war is still in flux. Here are the 12 companies that have the most riding on a successful resolution.

china exports

  • There’s still no clear outcome to the ongoing trade war between the US and China, and troves of companies around the world have huge chunks of their businesses riding on a long-awaited resolution. 
  • Businesses have increasingly looked to China to drive sales as the country’s middle class has exploded in growth over the last decade. 
  • Goldman Sachs put together a list of companies with the greatest exposure to China based on revenue. 
  • Based on that data, here are the 12 companies with the most riding on a successful trade deal.
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Businesses are reeling from the effects of the trade spat between the US and China, and there’s still no certainty the conflict is going to end any time soon.

However, there have been signs of progress. Both the US and China said this week they would delay tariffs on some products set to take effect in the coming months.

China announced a short-list of products would be temporarily exempt from upcoming tariffs, while President Trump reportedly said an increase in duties on Chinese exports would be delayed two weeks until October 15. Both moves were seen as an effort to cool down trade tensions between the countries ahead of scheduled talks. 

But both countries have extended olive branches before, and yet the trade war has raged on. It’s unclear whether a deal will come from upcoming talks, but tons of companies are hoping a resolution will come soon, for the sake of their businesses. 

Goldman Sachs put together a list of companies that have the highest exposure to China based on revenue. To that end, they can be considered those with the most riding on a successful trade resolution.

Here are the 12 companies, ranked in increasing order of Chinese exposure:

12. IPG Photonics

Ticker: IPGP

Sector: Information Technology

Market value: $6 billion

Revenue exposure to Greater China (includes Taiwan): 43%

Source: Goldman Sachs

 

11. Texas Instruments

Ticker: TXN

Sector: Information Technology

Market value: $114 billion 

Revenue exposure to Greater China (includes Taiwan): 44% 

Source: Goldman Sachs

 

10. Applied Materials

Ticker: AMAT

Sector: Information Technology

Market value: $44 billion

Revenue exposure to Greater China (includes Taiwan): 45%

Source: Goldman Sachs

 

9. Broadcom

Ticker: AVGO

Sector: Information Technology

Market value: $109 billion 

Revenue exposure to Greater China (includes Taiwan): 49%

Source: Goldman Sachs

 

8. Nvidia

Ticker: NVDA

Sector: Information Technology

Market value: $100 billion

Revenue exposure to Greater China (includes Taiwan): 53%

Source: Goldman Sachs

 

7. Las Vegas Sands

Ticker: LVS

Sector: Consumer Discretionary

Market value: $42 billion

Revenue exposure to Greater China (includes Taiwan): 62% 

Source: Goldman Sachs

 

6. Micron Technology

Ticker: MU

Sector: Information Technology 

Market value: $50 billion

Revenue exposure to Greater China (includes Taiwan): 66% 

Source: Goldman Sachs

 

5. Qualcomm

Ticker: QCOM

Sector: Information Technology

Market value: $91 billion

Revenue exposure to Greater China (includes Taiwan): 67%

Source: Goldman Sachs

 

4. Monolithic Power Systems

Ticker: MPWR

Sector: Information Technology

Market value: $6 billion

Revenue exposure to Greater China (includes Taiwan): 70% 

Source: Goldman Sachs

 

3. Qorvo

Ticker: QRVO

Sector: Information Technology

Market value: $8 billion

Revenue exposure to Greater China (includes Taiwan): 74% 

Source: Goldman Sachs

 

2. Wynn Resorts

Ticker: WYNN 

Sector: Consumer Discretionary

Market value: $11 billion

Revenue exposure to Greater China (includes Taiwan): 75%

Source: Goldman Sachs

 

1. Yum China Holdings

Ticker: YUMC

Sector: Consumer Discretionary

Market value: $16 billion

Revenue exposure to Greater China (includes Taiwan): 100%

Source: Goldman Sachs