As U.S.-China trade relations continue to evolve, many American companies remain heavily reliant on the Chinese market for a significant portion of their revenues. With China being a global manufacturing hub and a massive consumer market, understanding which U.S. public companies have the highest revenue exposure to China is crucial for investors navigating potential geopolitical risks and market opportunities.

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In this article, we’ll explore the top 10 U.S. public companies with the highest revenue exposure to China, detailing the percentage of their revenues or exports linked to the region, based on the most recent data available as of April 11, 2025. This SEO-optimized guide will help you identify key players and assess their exposure to China’s economic landscape.

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Why Revenue Exposure to China Matters

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China’s role as the "world’s factory" and its growing consumer base make it a critical market for U.S. companies. However, this exposure comes with risks, including trade tensions, tariffs, and economic slowdowns in China. For instance, a 2024 report by the American Chamber of Commerce in Shanghai highlighted record-low profits for U.S. companies in China due to geopolitical tensions and slow growth, with 25% of companies cutting investments in the region. Despite these challenges, many U.S. firms continue to derive substantial revenue from China, making it a focal point for investors. Let’s dive into the top 10 U.S. public companies with the highest revenue exposure to China.

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1. Wynn Resorts (WYNN)
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Revenue Exposure to China: 67%

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Wynn Resorts, a Nevada-based casino operator, tops the list with approximately 67% of its revenue coming from China, primarily through its three casinos in Macau. As noted in a 2024 industry analysis, Macau’s casino customers largely hail from mainland China, making Wynn highly sensitive to shifts in Chinese consumer spending and regulatory changes in the region. Despite tightened gambling policies, Macau remains a cornerstone of Wynn’s revenue.

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2. Las Vegas Sands (LVS)
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Revenue Exposure to China: 65%

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Las Vegas Sands, another casino giant, operates five properties in Macau, generating 65% of its revenue from the region, according to a 2024 financial overview. Like Wynn, its heavy reliance on Chinese gamblers makes it vulnerable to economic downturns or policy shifts in China, such as restrictions on high-stakes gaming, which have impacted revenue streams in recent years.

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3. Qualcomm (QCOM)
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Revenue Exposure to China: 64%

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Semiconductor giant Qualcomm derives 64% of its revenue from China, based on 2024 market reports. Qualcomm supplies chips to major Chinese smartphone manufacturers like Xiaomi, Oppo, and Vivo. With China remaining a hub for smartphone production, Qualcomm’s exposure is significant, though it faces risks from U.S.-China tech tensions and export controls tightening in 2024.

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4. Micron Technology (MU)
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Revenue Exposure to China: 55%

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Micron Technology, a leading maker of memory and storage solutions, gets 55% of its revenue from China, per 2024 industry estimates. China’s dominance in electronics manufacturing drives this exposure, but Micron’s reliance on the region makes it susceptible to supply chain disruptions and trade restrictions, especially after China’s 2023 ban on Micron chips in critical infrastructure.

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5. Qorvo (QRVO)
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Revenue Exposure to China: 50%

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Qorvo, a semiconductor company specializing in radio frequency systems for wireless communications, has 50% of its revenue tied to China, according to 2024 financial updates. Its products are integral to China’s booming tech sector, but escalating U.S. export controls on advanced technology in 2024 could impact its operations and growth prospects.

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6. Texas Instruments (TXN)
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Revenue Exposure to China: 48%

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Texas Instruments, a major player in analog and embedded semiconductors, reported 48% of its revenue from China in 2024, based on recent market analyses. The company’s chips are widely used in Chinese electronics, but it faces risks from potential tariffs and a slowing Chinese economy, which could dampen demand.

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7. IPG Photonics (IPGP)
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Revenue Exposure to China: 41%

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IPG Photonics, a Massachusetts-based manufacturer of fiber lasers, derives 41% of its revenue from China, per 2024 industry data. While it lacks manufacturing facilities in China, the country is a major market for its laser technology, used in industrial applications. Shifts in China’s manufacturing sector could influence IPG’s performance.

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8. Advanced Micro Devices (AMD)
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Revenue Exposure to China: 37%

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AMD, a Santa Clara-based chipmaker, gets 37% of its revenue from China, according to 2024 estimates. AMD’s microprocessors and graphics processors are in high demand in China’s consumer and enterprise markets, but U.S.-China tech restrictions, including 2024 export rule updates, could pose challenges for its growth.

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9. Veeco Instruments (VECO)
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Revenue Exposure to China: 34%

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Veeco Instruments, which produces systems for semiconductor and photonics manufacturing, has 34% of its revenue linked to China, per 2024 financial reports. China’s role in global electronics production drives this exposure, though Veeco must navigate trade barriers and increasing competition from domestic Chinese firms.

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10. Intel (INTC)
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Revenue Exposure to China: 28%

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Intel, a global leader in semiconductor design and manufacturing, derives 28% of its revenue from China, based on 2024 market data. China’s vast electronics and computing markets fuel this exposure, but Intel faces risks from U.S. export restrictions and China’s push for semiconductor self-sufficiency, which intensified in 2024.

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Other Notable Companies with China Exposure

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Several well-known U.S. companies also have significant revenue exposure to China:

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NVIDIA (NVDA): In fiscal year 2024 (ending January 28, 2024), NVIDIA reported total revenue of $60,922 million, with $10,306 million from China (including Hong Kong), equating to 16.9% of total revenue ($10,306 million ÷ $60,922 million × 100). (NVIDIA 10-K Filing)
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Apple (AAPL):  In fiscal year 2024 (ending September 2024), Apple reported total net sales of $411,935 million, with $66,952 million from Greater China, equating to 16.2% of total revenue ($66,952 million ÷ $411,935 million × 100). (Apple 10-K Filing)
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Tesla (TSLA): In 2024, Tesla reported total revenue of $97,690 million, with $20,944 million from China, equating to 21.4% of total revenue ($20,944 million ÷ $97,690 million × 100). Additionally, 50% of Tesla’s vehicles were produced in China. (Tesla 10-K Filing)

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The Bigger Picture: Risks and Opportunities

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The high revenue exposure to China for these companies reflects the country’s critical role in global supply chains and consumer markets. However, this dependency comes with risks. A 2024 AP News report noted that U.S. companies in China are seeing record-low profits amid geopolitical tensions and a slowing economy, with many redirecting investments to regions like Vietnam and Malaysia. Additionally, a 2024 CaixaBank Research article highlighted that while direct U.S.-China trade links have decreased (U.S. imports from China fell from 21% in 2018 to 14% in 2023), China’s manufacturing sector remains heavily tied to U.S. demand, with 5-6% of its value added linked to the U.S.

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For investors, companies like Qualcomm, Micron, and Wynn Resorts offer growth potential in China’s tech and consumer markets but are vulnerable to trade tariffs, such as those proposed by U.S. President Joe Biden in 2024 (Reuters, May 2024) or potential escalations under the Trump administration (CNBC, April 2025). Conversely, the FDA’s recent push for AI-driven drug testing, as discussed in a recent blog post, highlights opportunities for U.S. companies in other sectors to diversify away from China-centric revenue streams.

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Frequently Asked Questions About U.S. Trade and Business Exposure to China

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Which U.S. companies are most exposed to China?

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Wynn Resorts, Qualcomm, and Las Vegas Sands are among the most exposed U.S. firms, with over 60% of their revenue tied to China, primarily through gambling, tech, and semiconductor exports.

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What U.S. company buys the most from China?

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Walmart is one of the largest U.S. importers from China, sourcing a wide range of consumer goods, electronics, and apparel to supply its vast retail network.

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What is the most successful American company in China?

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Apple is often considered the most successful U.S. company in China, generating approximately 17% of its total revenue from Chinese consumers and maintaining a strong presence in the premium smartphone market.

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What companies rely on China the most?

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Semiconductor firms like Qualcomm, Micron, and Qorvo rely heavily on Chinese demand for chips. Casino operators like Wynn Resorts and Las Vegas Sands also depend on revenue from Macau, China’s gambling hub.

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Why are American companies outsourcing to China?

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American companies outsource to China due to lower labor costs, advanced manufacturing infrastructure, and access to a massive supply chain ecosystem, which helps reduce production costs and increase profit margins.

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Is the United States the largest trading partner with China?

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As of 2024, the U.S. is no longer China’s single largest trading partner. ASEAN and the European Union have surpassed the U.S. in total trade volume, although the U.S. remains one of the top partners.

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What is the U.S.'s biggest export to China?

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The top U.S. exports to China include semiconductors, soybeans, aircraft, and integrated circuits. In recent years, energy products like liquefied natural gas (LNG) have also gained importance.

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What would happen if the U.S. stopped trading with China?

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A full halt in U.S.-China trade would disrupt global supply chains, increase prices for consumer goods, and negatively impact major companies with China exposure. It would likely trigger a global economic downturn and significant stock market volatility.

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