With President Donald Trump insisting he won’t back down from the barrage of tariffs unleashed last week, market professionals are gaming out worst-case scenarios for the companies most exposed to the levies. What they’re expecting is grim.

The prospect of prolonged levies and the economic damage they will bring is so bleak for pricey technology stocks that Paul Nolte, market strategist and senior wealth manager at Murphy & Sylvest Wealth Management said he wouldn’t be surprised if some of the shares drop another 50%. He cited high tech company valuations and the expected hit to profits from the tariffs on imports.