Business
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Max Knoblauch

Nintendo shares get red-shelled as investors fear tariff-related Switch 2 price hikes

Nintendo shares sank more than 9% during Tokyo trading, their biggest sell-off since August. Just after the US market open, ADRs listed here are trading down 6.8%.

The dip appears to be a reaction to President Trump’s increased tariffs on China, which jumped to 20% on Tuesday. A huge amount of console manufacturing occurs in the country, and many parts are sourced from there. Investors also sold off Tokyo-traded shares of Sony, which fell 4% overnight, and Konami, which dropped 7%. (Sony ADRs were down only 1.5% in US trading after the open.)

Investors are worried that Nintendo could raise the price point of the Switch 2 in response, potentially hurting initial sales. About 40% of Nintendo’s console sales come from the US. Video game analysts that spoke with Sherwood News called trade policy uncertainty “the paramount risk” for Nintendo’s upcoming Switch 2 release.

Nintendo addressed tariffs on its earnings call last month, stating that Switches are also produced in Vietnam and Cambodia.

“A certain impact is expected, but the impact on our performance this fiscal year will be minor,” Nintendo President Shuntaro Furukawa said at the time.

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Lucid climbs after Uber revealed to be its second-largest shareholder following recent investment

Shares of luxury EV maker Lucid are up more than 7% in premarket trading on Tuesday, following the release of a regulatory filing that revealed Uber is now its second-largest shareholder, trailing only Saudi Arabia’s PIF sovereign wealth fund.

The news follows an announcement earlier this month that Uber and Lucid would expand their robotaxi partnership from 20,000 planned vehicles to 35,000. Along with the expansion, Uber also said it would invest an additional $200 million into the EV maker.

Per Monday afternoon’s filing, it seems that investment pushed Uber’s ownership stake in Lucid to 11.52%.

Lucid’s stock is down 29% in April. It hit an all-time low of $6.75 on Monday ahead of the regulatory filing becoming public.

In a mark of just how painful the slide has been for Lucid shareholders, as of Monday, the company’s market cap had dropped to a quarter of the approximately $9.5 billion that Saudi Arabia’s PIF has sunk into it.

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Justice Department accuses telehealth Zealthy of fraud, says remedy may bankrupt it

The feds say they don’t think Zealthy has the liquidity to pay what it owes customers.

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Americans aren’t drinking as much Mexican beer — that’s not been good for Constellation

The nation’s largest beer importer by sales just saw a 10-year growth streak come to an abrupt end.

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