"We continue to strongly believe that given the primarily services nature of traditional FANG names, and very internationally distributed from a revenue perspective, that Facebook, Amazon, Netflix and Google/Alphabet are 'primarily insulated' from tariff worries and a potential retaliatory trade war with China. Ultimately, the bark is much worse than the bite," Daniel Ives, head of technology at GBH Insights, told CNBC by email Friday.
Apple, perhaps, looks the most vulnerable. The company is arguably one of the only big U.S. tech firms to have a decently-sized business in China and is the fifth-largest smartphone vendor in the country. In the three months to the end of December, its Greater China revenues totaled $17.9 billion, up 11 percent year-on-year.
The Cupertino, California-based firm has been investing heavily in China and has made concessions to the government. In February, it made a move to host Chinese users' iCloud accounts in a new data center based in China, to comply with new laws.
Apple also has a manufacturing partnership with Taiwanese firm Foxconn in China. Given the strong investment and this partnership, Ives said Apple is unlikely to feel the effect of tariffs.
"For (Tim) Cook and co, given the tightly-woven integration between Apple and Foxconn in China, we believe there is minimal risk to this relationship in our opinion and the last thing China is going to do is tinker with the Apple machine and impact its significant billions of investments in the country and major consumer sales within China, despite fears," Ives said.