The tech industry’s biggest deal-makers were also the biggest losers from the Trump administration’s trade war

Tech companies lost $6 billion from the U.S. trade war, with the biggest losses in semiconductors and software.

The tech industry lost $5 billion in its second quarter, the biggest drop since March of 2017, according to an estimate by Bloomberg.

And in the first three months of the year, companies including Apple, Alphabet, Microsoft, Twitter, Facebook, Cisco and IBM all reported $5.5 billion losses.

Despite the massive loss, some of the biggest winners from the war have been the tech giants themselves, with Intel, Microsoft and Intel’s parent company, Hewlett-Packard, enjoying a $3 billion gain, the largest profit in a year, according an analysis by Bloomberg News.

Microsoft and Intel have also benefited from the trade war as they have been able to sell their devices to consumers, which is why they are also in the top 10 list.

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