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Following the U.S. government’s announcement to delay the implementation of reciprocal tariffs, the electronics sector is seeing a wave of pull-in orders and inventory buildup in 2Q25—a trend that is significantly more pronounced in AI servers, conventional servers, and networking products than in consumer electronics, due to stronger order visibility and better gross margins. While pull-in orders and inventory buildup are likely to support solid revenue and profits for 2Q25, if uncertainty surrounding U.S. tariff policy persists beyond late 2Q25, business activities in 2H25—such as investment and hiring—could slow significantly, with 2H25 revenue growth potentially stalling or even turning negative.