Silicon Valley Showing Nerves Since Trump Election

CUPERTINO (CBS SF) -- While the Dow surged more than 200 points Thursday, the NASDAQ -- where most tech stocks are traded -- dropped more than 40 points, spurring concerns that Silicon Valley is worried about a Trump presidency.

It wasn't long after Donald Trump was declared president elect of the United States that Apple CEO Tim Cook sent a memo to all employees that read in part "We celebrate the diversity of our team, regardless of what they look like, where they come from how they worship, or who they love."

Facebook CEO Mark Zuckerberg posted on his page, "The most important opportunities will take long term focus and finding new ways for all of us to work together."

Ann Skeet of Santa Clara University says CEOs know they have to say something to calm the nerves of their employees, customers and shareholders.

"Part of the reason you're seeing these CEO letters is markets don't like to see uncertainty. But neither do people," said Skeet. "Mostly what I think I see are human beings who say hmm, the country needs some reassurance and leadership right now. I'm in a position to provide it and I'm going to do my best. "

Like other tech companies, Apple operates offices in Ireland, in order to defer paying a U.S. tax rate of 35 percent.

President-elect Trump has talked about ending those deferments, but officially there's nothing about it in his tax plan.

According to Moody's, four out of the five companies with the largest overseas cash reserves are headquartered in the bay area. Apple with $216 billion dollars, Microsoft with $111 billion, Cisco $60 billion, Oracle at $51 billion and Alphabet, the parent company of Google, at $48 billion.

"The tax code is on the list. So I think that's in his sights," said Skeet. "I think we can expect to see some work with Republican leadership in Congress and the Republican president that might move more quickly than it has in the past couple of years."

The other big topic for Silicon Valley is net neutrality.

Two years ago, Trump tweeted "Obama's attack on the internet is another top down power grab. Net neutrality is the Fairness Doctrine. Will target conservative media."

The courts have prohibited broadband companies from blocking or slowing down content to customers.

Trump has generally favored less regulation, to make life easier for businesses to run profitably.

"So that would suggest that he's going to look at net neutrality and potentially make a change. But I don't think we know that yet," said Skeet.