CNBC's Kristina Partsinevelos and Stacy Rasgon, Bernstein senior U.S. semiconductor analyst, joins 'Power Lunch' to discuss the latest news in the semiconductor space, what Lip-Bu Tan leaving Intel would do for the company and much more.

The semiconductor industry is experiencing heightened volatility due to new tariffs and large-scale investment announcements from major companies. While firms such as Apple, NVIDIA, and Intel have pledged significant spending on U.S. soil, analysts caution that many of these headline figures may not translate into concrete action, as some projects face delays and exemptions depend on specific commitments.

Political factors, including calls for executive resignations and scrutiny of business relationships, further complicate the landscape. Industry experts note that the sector is more dynamic than ever, with ongoing policy changes and strategic importance making it challenging for investors and analysts to accurately assess the market.

Stacy Rasgon: Chips industry is more dynamic ever

So joining us now is Stacey Ragson, the Senior U.S. Semiconductor Analyst over at Bernstein. And also here with us is our own Christina Partsenevelis. Thank you both for being with us. Christina, I'm going to start things off with you and just how we unpack all of these headlines coming out from tariffs to the calling of a resignation for a main Intel CEO type personality. Yeah, I guess right now it's just there's 100 percent tariff, but we take it with a grain of salt. As long as companies can prove that they will or they're committing to spending and building on American soil, then they will be exempt. For example, you had Apple committing 600 billion dollars. Keep in mind, back in 2021, Apple committed 430 billion dollars. So there's some double counting there. A few months ago, NVIDIA said that they would spend 500 billion dollars. A few years ago, Intel said 100 billion. So a lot of companies can throw out these headline numbers that are massive. And some have actually started to build, Intel being an example, Samsung, Micron, etc. But the question is the follow through. How many of them will actually follow through? And then how many of those companies will be exempt if they're even just spending just a few million dollars, let's say, here on American soil? So that is the bucket. And we even have some companies that have already delayed. Like I made a list. Maybe we can bring up that list that I'm calling it a silicon setback. All of these names, Samsung, Intel, SoftBank, even today saying that they're going to delay their Stargate contribution thus far. So the reason I'm bringing these names up is to take all of these headline numbers with a grain of salt because they are not concrete. Just like this 100 percent tariff from President Trump, we still need details as to which companies would be targeted. Is it only U.S.? Is it American? If you use TSMC Arizona, then are you exempt like AMD? So there's a lot of unanswered questions. And this is, I guess, the ongoing battle for chip analysts when they are trying to rate their stocks and trying to create models when you have to go back and forth all the time with these tariffs. All right. So, Stacey, you are a chip analyst. So let's go right over to you and say just how much we've been talking for years about this. Is there anything that you can remember in your coverage universe in the time that you've been doing this that that rivals the kind of catalysts that we are seeing right now with regard to this industry? I mean, it's certainly like more probably more dynamic than it's ever been in my career. And even before Trump, the industry itself has become a lot more dynamic. It's becoming increasingly clear, not just functionally, but strategically how important it is. And then, I mean, with Trump in office, I mean, it's just fuel on the fire, you know, because it's every day there's there's there's new stuff going on. And you have to remember, like, it makes it very difficult for my clients who are out there trying to invest in this environment. From a sell side perspective, from my own perspective, it's fantastic, right? All I need is I need interesting things to write and talk about. I've got no dearth of those, like there's always something like every single day there's something new. Stacey, if you've got Trump calling for CEO Liputin at Intel to resign immediately, one, what would that do to the company? Is there someone who could step into that shares? Could you see I mean, we saw with Apple, as soon as it looked like there was going to be a more promising relationship between the company and Trump, shares popped. Could the same thing happen for Intel? And look, I think it's clear, like there's a lot of tech CEOs that have managed to build relationships with Trump. Intel and Liputin, they do not seem to be one of those. I mean, you know, they were absent from Saudi Arabia, like we haven't really seen him in public. Not that I like that that sort of thing is necessary, by the way, but I mean, in this environment, I guess it is. Intel really has not at least outwardly shown that they're that they're doing that. And so, yeah, I saw the tweet or the truth or whatever you want to call it this morning. You know, by the way, Lipu's China activity is not a secret, right? He's been around for many, many years. You know, he's involved in venture capital. His venture capital has had a lot of investments in China. None of this is news. It's gotten attention before. It is getting attention now. And clearly in this environment with this administration and to be clear, like, I don't think he's conflicted, but it's a bad look. Right. And you couple that with the idea that he doesn't seem to have any kind of personal relationship. You know, it's probably even if Trump can't get rid of him and I don't think Trump can, but it's probably not good to have the president of the United States painting a target on your back. Christina, what do you think?

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Breakdown