Tariffs on digital services are back in the headlines, and this time the threat is a 100% levy on countries that tax large U.S. platforms like Meta, Alphabet, and Amazon. That kind of policy shock can quickly change how investors think about global exposure, profit margins, and where risk is really coming from. This article looks at three large U.S. technology stocks from a dedicated screener that are closely linked to the digital tax debate, and explains how this news could work for or against their outlook so you can decide whether each stock deserves a closer look in your own research.

Pinterest (PINS)

Overview: Pinterest is a visual search and discovery platform where users collect ideas for projects and purchases, from recipes and fashion to home design, and can move directly from inspiration to shopping. The business connects these high intent users with advertisers that want to reach them when they are closest to making a decision.

Operations: Pinterest generates about US$4.4b in revenue from its internet information services, with roughly US$3.0b from the United States and the remainder from Europe and the Rest of World.

Market Cap: US$10.9b

Pinterest sits at the intersection of visual search, shopping and digital advertising, a part of the market where investors are focusing as tariffs, digital taxes and AI reshape how ad budgets are allocated globally. The company is leaning heavily into AI powered personalization and commerce tools, backed by a multi year AWS cloud deal, aiming to improve ad performance and close monetization gaps outside the U.S. At the same time, earnings have been volatile, profit margins recently declined and there has been significant insider selling, so the risk side of the ledger cannot be ignored. If tariffs on digital services shift spend toward U.S. centric platforms, Pinterest could be a key test case for how that story plays out for advertisers and shareholders.

Pinterest’s AI push and global ad opportunity may be masking a more nuanced trade-off between growth and risk. Before you decide how it fits in your portfolio, review the 2 key rewards and 2 important warning signs

Twilio (TWLO)

Overview: Twilio gives businesses the building blocks to run messaging, voice, email, video, and user authentication inside their own apps, so customer interactions can happen in real time across multiple channels. Its Segment product pulls together data from each step of a customer’s journey into a single profile, helping companies send more relevant messages and tailor their marketing.

Operations: Twilio generates about US$5.3b in revenue from internet telephone services, with roughly US$3.4b from the United States and US$1.9b from international markets.

Market Cap: US$28.97b

Twilio sits in the middle of the customer engagement story that many large enterprises are leaning into, with AI powered tools, omnichannel messaging, and Segment’s data platform all working together to support deeper relationships. Analysts expect earnings to grow faster than revenue as the mix shifts toward software and as recent cost discipline and product focus show up in margins, even though revenue growth itself is projected below the broader market. At the same time, reliance on lower margin messaging, regulatory pressures on global communications traffic, and recent insider selling mean the risk profile is not trivial. The key issue for investors is whether Twilio can turn its AI and data capabilities into durable, profitable growth in a world where digital services face shifting tax and tariff rules.

Twilio’s push to turn AI, messaging and Segment into a higher margin engine is only half the story, and the real tension between growth and risk shows up in the analyst forecasts for Twilio

Splunk (SPLK)

Overview: Splunk provides software and cloud services that help companies monitor their systems, detect cyber threats, and understand how their applications and digital customer experiences are performing, all from a single security and observability platform.

Operations: Splunk generates about US$4.2b in revenue from the development and marketing of its cloud services and licensed software solutions.

Market Cap: US$26.4b

Splunk stands out in this tech screener because its security and observability tools sit at the heart of digital infrastructure, exactly where the digital tax and tariff debate is pushing governments and enterprises to think harder about resilience. Earnings are forecast to grow strongly and revenue is expected to outpace the wider U.S. market. Profitability has recently turned a corner, yet the stock still trades at a discount to one DCF estimate of fair value, even with a very rich P/E and a heavy debt load that lifts risk. Combined with deep integrations with partners like Gigamon, IPinfo and Resecurity, this creates a company that can potentially benefit if more digital activity stays on U.S. aligned platforms, but that still demands close attention to leverage and valuation.

Splunk’s earnings and revenue forecasts, along with its combination of a rich P/E, debt and a DCF discount, suggest the stock’s story is still being priced in, and the analysis report for Splunk hints at what the market might be missing

The three stocks in this article are only a starting point, and the full U.S. Large-Cap Technology Stocks screener surfaced 19 more companies with equally compelling stories that could matter for your portfolio, so it is worth seeing how they compare in the U.S. Large-Cap Technology Stocks screener. Use Simply Wall St to identify, filter and analyze the specific catalysts and narratives that matter most to you so you can focus on the highest conviction opportunities in this part of the market.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.