华尔街不断警告华为的风险，但是美股几乎毫无所动。

Investors Are Missing Huge Huawei Trade Risks, Street Says (2)

Huawei ban to hit 5G, Internet-of-Things; spark ‘digital war’

Better-than-expected UMich sentiment masks current concern

By?Felice Maranz

(Bloomberg) –?

Global equity investors are likely underestimating what may be immense damage across a variety of industries triggered by the U.S.-China trade dispute, particularly involving the latest Huawei Technologies Co. escalation, Wall Street analysts say.

The Trump administration putting Huawei — and dozens of its affiliates — on an?export blacklist?means “the U.S. government has halted China’s 5G push,” and is transforming the trade war “into a digital one,”?Sean Darby, Jefferies’s chief global equity strategist, wrote in a note. The move may have ramifications well beyond the tech sector as well, analysts at MKM wrote.

And a?better-than-expected reading?of a key U.S. sentiment index released on Friday is very likely masking the impact of higher tariffs, according to?Michael McDonough, Bloomberg’s Chief Economist, Financial Products. The University of Michigan’s preliminary sentiment index release was “calculated with responses mostly collected before the announced tariff increase and the final print will almost certainly be revised lower,” he said. There may be a “continued erosion in sentiment, which could throttle consumption and place a headwind on growth,” McDonough said.

Jefferies’s strategist Darby said that the progression from tariffs to direct actions against single Chinese companies and their inter-linked supply chains “has a wide-ranging impact on profitability that investors will find difficult to quantify.”

The Huawei ban “holds back the development of 5G (the largest global capex project) and the growth of Internet-of-things,” he said. It also “completely disrupts the global tech supply chain. The macro and micro implications are immense.”

Read more: U.S. Places Huawei and Scores of Affiliates on Export Blacklist

Darby noted that 5G provides a “huge advantage” for “everything from the use of autonomous vehicles to AI eco-systems,” while “enormous amounts of money” are also required to install fiber-optic and operating systems.

China has been a 5G technology leader, but Chinese companies have an Achilles heel — their reliance on U.S. semiconductors and components with no alternatives, he said. Those include baseband chipsets for handsets, from Qualcomm Inc. and Intel Corp.; semiconductors for base stations, from Xilinx Inc.; RF/power amplifier chipsets, from Skyworks Solutions Inc., Qorvo Inc., Avago Technologies Ltd. and Macom Technology Solutions Inc., and optical components, from Lumentum Holdings Inc. and Finisar Corp.

Read more: Trump’s Huawei