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NVIDIA (NASDAQ:NVDA) shares rose over 5 percent to hit US$142.50 on Thursday (May 29), extending a powerful rally that reflects Wall Street’s optimism in the chipmaker’s long-term trajectory

The company’s positive performance came despite a bruising blow from US export restrictions to China.

The semiconductor giant, seen by many industry experts as the backbone of the global artificial intelligence (AI) boom, reported better-than-expected financial results for its first fiscal quarter of 2026 on Wednesday (May 28), allaying fears that geopolitical tensions and tighter trade controls could derail its momentum.

In the face of a projected US$8 billion revenue hit from the export ban on China and a US$4.5 billion writedown on unsold inventory, investors appeared to focus on NVIDIA’s dominant position in the fast-expanding AI market.

“There is one chip in the world fueling the AI Revolution and it’s Nvidia,” wrote Dan Ives, a tech analyst at Wedbush Securities. “That narrative is clear from these results and the positive commentary from Jensen.”

NVIDIA posted quarterly revenues of US$44.1 billion, beating consensus analyst estimates of US$43.3 billion. That’s also a staggering 69 percent increase from the US$26 billion reported in the same quarter last year.

The company’s flagship data center division, which supplies AI chips to major clients like Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META), reported US$39.1 billion in sales.

Although that’s a slight miss from Wall Street’s US$39.2 billion forecast, it’s still up from US$22.5 billion last year.

“Our breakthrough Blackwell NVL72 AI supercomputer — a ‘thinking machine’ designed for reasoning — is now in full-scale production across system makers and cloud service providers,” said Jensen Huang, founder and CEO of NVIDIA.

“Global demand for NVIDIA’s AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate.”

Earlier this month, Huang traveled with US President Donald Trump to the Middle East, where the company reportedly secured orders for hundreds of thousands of chips from Saudi Arabia.

Yet NVIDIA’s latest results also expose the mounting risks the firm faces as global trade policy tightens.

In recent months, Washington has sharply escalated restrictions on semiconductor exports to China, targeting chips like NVIDIA’s H20 — a China-specific product designed to comply with US rules. The US Department of Commerce has banned shipments of these chips to Chinese firms, citing concerns about potential military applications.

The move forced NVIDIA to write off US$4.5 billion in H20 inventory, and the company estimates a US$2.5 billion revenue loss in the current quarter as a result. Huang placed the broader impact of the China restrictions at US$15 billion.

“The US$50 billion China market is effectively closed to US industry,” he said in an interview. “We are exploring limited ways to compete, but Hopper is no longer an option. China’s AI moves on with or without US chips.”

While NVIDIA has previously indicated that it could redesign chips to meet evolving US export rules, Huang has become increasingly vocal in his criticism of Washington’s policy direction. Speaking to reporters after NVIDIA’s earnings call, he described the restrictions as a “failure” that will ultimately hurt American companies more than Chinese rivals.

The pressure on NVIDIA intensified further this week, as the Financial Times reported that Trump has instructed US suppliers of chip-design software to halt sales to Chinese firms.

Nonetheless, NVIDIA’s strong earnings, coupled with a federal court ruling blocking some of Trump’s proposed tariffs, have reassured investors. AI-driven demand appears robust enough to offset near-term geopolitical volatility.

For now, the markets have spoken — and they’re betting big on NVIDIA’s future.

“Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and NVIDIA stands at the center of this profound transformation,” Huang emphasized post-earnings.

NVIDIA’s share price spike this week put it on track for its highest close since January, and triggered a broader rally across the semiconductor sector.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

US President Donald Trump scored a temporary reprieve in his ongoing trade war efforts after a federal appeals court stayed a lower court’s decision that struck down most of his global tariffs.

The Thursday (May 29) decision allows the administration’s controversial import duties to remain in place for now.

The decision by the US Court of Appeals for the Federal Circuit provides breathing room for Trump and his trade team as they prepare a full appeal, following a blistering Wednesday (May 28) night ruling by the US Court of International Trade that invalidated nearly all of the Trump-imposed tariffs not tied to national security.

The trade court found Trump overstepped under the 1977 International Emergency Economic Powers Act, saying it “does not confer such unbounded authority” to enact sweeping economic penalties without congressional oversight.

The decision jeopardized key components of Trump’s aggressive tariff program — including a blanket 10 percent import tax and recent “reciprocal tariffs” targeting countries like China, Canada, Mexico and members of the European Union.

But for now, the tariffs will remain in effect. The appellate court granted the Trump administration’s request to pause enforcement of the trade court’s order “until further notice while this court considers the motions papers.”

The next hearing is set for June 5.

White House reacts swiftly, blasts judicial overreach

Trump administration officials reacted with fury to the trade court’s initial decision, describing it as an affront to executive authority in foreign policy and economic matters.

“The political branches, not courts, make foreign policy and chart economic policy,” the White House said in its appeal filing. White House Press Secretary Karoline Leavitt expressed similar concerns on Thursday, saying:

“America cannot function if President Trump, or any other president for that matter, has their sensitive diplomatic or trade negotiations railroaded by activist judges.”

Trump himself took to social media on Thursday morning to vent, writing: “Hopefully, the Supreme Court will reverse this horrible, Country threatening decision, QUICKLY and DECISIVELY.”

He later added: “This would completely destroy Presidential Power — The Presidency would never be the same!”

Peter Navarro, Trump’s top trade advisor, also signaled that the administration was already exploring alternatives, stating that even if it lost the battle in the Supreme Court, it “will do it another way.”

The Wednesday judgment had required the White House to make changes within 10 days.

The administration responded by notifying both the trade court and the appellate court of its intent to challenge the ruling all the way to the Supreme Court, if necessary.

“TACO trade” meme gains steam as Trump backpedals

Adding to the storm surrounding the tariffs is growing traction of the term “TACO trade” — a satirical acronym coined by Financial Times columnist Robert Armstrong that stands for “Trump Always Chickens Out.”

The phrase has caught fire on Wall Street and social media, referring to Trump’s habit of threatening steep tariffs, only to roll them back amid market backlash or diplomatic pressure.

The phenomenon was on full display last month, when Trump announced what he called “Liberation Day,” unveiling sweeping tariffs as high as 145 percent on imports from nearly every major trading partner.

Within a week, those tariffs were scaled down to a baseline 10 percent. Duties on Chinese goods were first reduced to 30 percent and then to 10 percent, while deadlines for tariffs on European goods were postponed.

On Wednesday, visibly irritated by the nickname, Trump lashed out at a reporter who asked about the “TACO trade” label. “Oh, I chicken out. Isn’t that nice? I’ve never heard that,” Trump said, bristling at the question.

“You call that chickening out? It’s called negotiation,” he added.

“Six months ago, this country was stone cold dead. We had a dead country. We had a country that people didn’t think was going to survive. And you ask a nasty question like that,’ Trump continued.

Despite his protests, “TACO trade” has become a viral symbol of his erratic approach to global commerce. California Governor Gavin Newsom mocked the administration after the trade court ruling, saying, “It’s raining tacos today.”

So far, the administration’s tariffs on steel, aluminum and cars remain untouched by the ruling.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Ontario’s Conservative provincial government is retreating from elements of its controversial Bill 5 following weeks of intense pressure from First Nations leaders.

They have accused Premier Doug Ford’s administration of violating its constitutional duty to consult Indigenous communities on critical minerals development in the province’s far north.

In a move aimed at quelling growing unrest, Ford’s office confirmed on Wednesday (May 28) that it will introduce an amendment that explicitly incorporates the constitutional duty to consult into the bill, a key demand from Indigenous leaders who have denounced the legislation as a sweeping overreach that sidelines their rights.

“Regulations under this Act shall be made in a manner consistent with the recognition and affirmation of existing Aboriginal and treaty rights … including the duty to consult,” reads the proposed amendment, as reported by CBC.

The about-face comes amid an intensifying confrontation over the province’s push to fast track mining development in the mineral-rich Ring of Fire region, located in the James Bay lowlands.

Slated to become the first of several “special economic zones” — areas exempt from certain provincial laws and regulations — it has instead become the flashpoint for a broader reckoning over resource extraction in Canada.

Government scrambles to contain fallout

First Nations leaders, including the Chiefs of Ontario, have demanded the bill be scrapped entirely, arguing the government has already breached its legal obligation to engage in meaningful consultation from the outset.

Ontario Regional Chief Abram Benedict, who met privately with Ford last week, described the discussions as frank, but necessary. That meeting, according to the provincial government, catalyzed a round of renewed engagement, with Greg Rickford, minister of Indigenous affairs and Stephen Lecce, minister of energy and mines, pledging not to move forward with the Ring of Fire designation without further consultation.

“We will not use the authorities like a special economic zone until we’ve meaningfully consulted,” Lecce said.

Rickford added, “We are going to enunciate explicitly in each one that the duty to consult is there and it will be upheld to the highest standards. The aim is to make First Nations partners.”

Officially titled the ‘Protect Ontario by Unleashing Our Economy Act’, Bill 5 was unveiled at the Toronto Stock Exchange in April, with Ford and Lecce framing it as a decisive response to geopolitical tensions.

They also positioned it as a means of asserting control over Canada’s critical mineral resources.

“With President Trump taking direct aim at our economy, it cannot be business as usual,” Ford said at the time, referencing the US push to prioritize domestic mineral supply chains.

The bill grants the province sweeping new powers to revoke mining claims, restrict foreign ownership — particularly from “hostile regimes” — and override environmental and regulatory hurdles.

It also proposes replacing Ontario’s Endangered Species Act with a narrower Species Conservation Act, a change that environmentalists warn could spell extinction for at-risk wildlife.

“The definition of habitat is so narrow that what it means is less habitat than the species has now,” Laura Bowman of Ecojustice told CBC when the bill was introduced. “And less habitat than the species has now, for a species already in decline, virtually ensures extirpation or extinction.”

US$3.1 billion budget boost targets Indigenous inclusion

Even as heated discourse unfolds with Ontario’s First Nations, the province unveiled last week a massive C$3.1 billion investment to supercharge the province’s mining and energy infrastructure.

The 2025 budget includes a tripling of the Indigenous Opportunities Financing Program, which has been expanded to support Indigenous participation across the mining, pipeline and energy sectors.

Minister of Finance Peter Bethlenfalvy emphasized that the goal is “unlocking the province’s critical mineral reserves” while placing Indigenous partnerships “at the forefront of the province’s resource development strategy.”

The program is designed to offer loan guarantees that enable Indigenous communities to secure equity stakes in major projects — a model that First Nations have long advocated for as a way to transform economic marginalization into opportunity.

National parallels in BC’s Bill 15 battle

Ontario’s retreat on consultation provisions follows similar tensions in BC, where Premier David Eby is facing backlash over Bill 15 — a legislative proposal that would allow cabinet to fast-track infrastructure and resource projects deemed of “provincial significance,” including critical minerals development.

Eby unveiled a broad vision this week to unlock billions in investments in Northwest BC, emphasizing partnerships with Indigenous communities and positioning mining as central to both economic recovery and climate transition.

But critics argue the rhetoric masks a legal and ethical failure.

“Trust has been broken between First Nations and the David Eby government,” Tsartlip First Nation Chief Don Tom said bluntly. Calling Eby a “snake oil salesman,” Tom accused the provincial government of undermining true consultation, while pushing legislation that could override Indigenous opposition.

Like Ontario’s Bill 5, BC’s Bill 15 is being slammed as a dangerous precedent that gives the government outsized power to override environmental protections and community consent.

Both the BC and Ontario governments are facing similar dilemmas on the acceleration of critical minerals development to meet global demand while tempering their legal and moral obligations to stakeholders.

The minerals — including nickel, lithium and rare earth elements — are essential to the green energy transition, forming key components of batteries, solar panels, and electric vehicles.

Still, First Nations are demanding that any progress must start not only with a recognition of their economic potential, but of their right to self-determination and free, prior and informed consent.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Bitcoin (BTC) plunged nearly 8% in late May, crashing from a high of $112,000 to $103,527, erasing $1701 billion in market value. This crash also wiped out $1.81 billion positions for BTC. As June begins, should investors buy the dip or expect BTC to extend its crash? Why Bitcoin Crashed: 3 Key Reasons The start of May saw Bitcoin price soar 18.70% and set an all-time high at $112,000 on US-based crypto exchange Coinbase on May 22. This impressive uptrend faced exhaustion over the next ten days, resulting in an 8% correction. According to data from Velo, nearly $2 billion in BTC positions faced liquidation. Let’s examine three key reasons why Bitcoin experienced a crash. Technical Exhaustion As noted in the previous CoinGape article, the bearish monthly and weekly divergence, as well as the swing failure pattern, are key drivers of the ongoing Bitcoin crash. Moreover, a similar combination of… Read More at Coingape.com

The post Bitcoin (BTC) Price Crashes 8% to $103K: What’s Next for June? appeared first on CoinGape.

In a significant development in the recent Cetus hack, the Sui liquidity provider has successfully transferred about $160 million in stolen funds to a multisig trust wallet, following approval from an on-chain vote. The funds were moved to a secure wallet jointly managed by Cetus, the Sui Foundation, and OtterSec, marking a crucial step in the recovery process. Cetus Hack Fund Recovery Plan Advances, Enters Next Phase Earlier today, Sui blockchain’s liquidity protocol Cetus shared an X post, drawing the community’s attention to the progress in the Cetus hack fund recovery. Reportedly, the protocol, in collaboration with the Sui Foundation and OtterSec, has moved the isolated funds on the Sui network to a secured wallet. Cetus has now entered the next phase of recovery, following the successful transfer of funds. The platform stated, With the funds secured, Cetus has officially entered the next phase of the recovery process. Our team… Read More at Coingape.com

The post Cetus Hack Update: $160M in Stolen Funds Transferred to Multi-Sig Wallet appeared first on CoinGape.

XRP price is on the verge of a crash to $2 after forming a bearish head and shoulders pattern on the daily chart. As this crash looms, XRP faces the risk of $38 million in long liquidations, which will intensify sell-side pressure and trigger a massive price decline. XRP trades at $2.12 today, May 31, with trading volumes surging by 14% in 24 hours per CoinMarketCap data. The price was teetering from the typical weekend volatility, with XRP dropping by 3.6% in 24 hours. XRP Price Crash to $2 Looms Amid Bearish Pattern Ripple price trades within a bearish head and shoulders pattern, as it defends a diagonal support level. This chart pattern usually indicates weakening bullish momentum and the entry of bears in the market, which will drag the price lower. The target price for the head and shoulders pattern is the size of the head, which shows that… Read More at Coingape.com

The post XRP Price Crash to $2 Looms as Head and Shoulders Pattern Matures appeared first on CoinGape.

According to the latest filing in the Harper Vs IRS case, the US government argued that the individual has no right to block the IRS from accessing his crypto records. While the user alleged that the IRS unlawfully accessed his private financial information, the government is urging the Supreme Court to rule in favor of the IRS. US Government Sides with IRS in Coinbase User’s Privacy Case US Solicitor General D. John Sauer argued in a May 30 filing that James Harper, a Coinbase user, lacks Fourth Amendment protection for his financial records stored with the exchange. The government claims Harper voluntarily shared his data with Coinbase, and the IRS followed proper procedures, like judicially approved summons, to obtain it. The filing also referenced Coinbase’s own privacy policy, which notified users that their information might be disclosed to law enforcement agencies. “The IRS may ‘examine any books, papers, records, or… Read More at Coingape.com

The post Coinbase User Has No Right To Block IRS Access To Crypto Records, Says US Govt. appeared first on CoinGape.

Cardano price analysis outlines a make-or-break scenario for ADA as it hovers above the $0.653 support level. A bounce here could prevent further losses, but a breakdown of this key barrier could lead to a 30% correction to $0.506, a critical liquidity area. What can investors expect? Cardano Price Analysis Cardano’s price has produced three distinctive lower highs since the December 2, 2024, peak of $1.326, highlighting the predominant bearish trend. The 22% crash since May 23 has knocked ADA down toward the $0.653 support level. This barrier served as a foothold for bounce four times in the past four months. Hence, a revisit of this level could lead to a strong reaction. Will ADA bounce from this critical support level or crash below it? Technicals like the Relative Strength Index (RSI) and Awesome Oscillator (AO) suggest an overwhelmingly bearish outlook. The recent Bitcoin price drop has triggered a crash… Read More at Coingape.com

The post Cardano Price Teeters Above Key Support Level, Will ADA Crash 30% or Bounce? appeared first on CoinGape.

Amazon’s devices unit has a new team tasked with inventing “breakthrough” consumer products that’s being led by a former Microsoft executive who helped create the Xbox.

The ZeroOne team is spread across Seattle, San Francisco and Sunnyvale, California, and is focused on both hardware and software projects, according to job postings from the past month. The name is a nod to its mission of developing emerging product ideas from conception to launch, or “zero to one.”

Amazon has a checkered history in hardware, with hits including the Kindle e-reader, Echo smart speaker and Fire streaming sticks, as well as flops like the Fire Phone, Halo fitness tracker and Glow kids teleconferencing device.

Many of the products emerged from Lab126, Amazon’s hardware research and development unit, which is based in Silicon Valley.

The new group is being led by J Allard, who spent 19 years at Microsoft, most recently as technology chief of consumer products, a role he left in 2010, according to his LinkedIn profile. He was a key architect of the Xbox game console, as well as the Zune, a failed iPod competitor.

Allard joined Amazon in September, and the company confirmed at the time that he would be part of the devices and services team under Panos Panay, who left Microsoft for Amazon in 2023 to lead the group.

An Amazon spokesperson confirmed Allard oversees ZeroOne but declined to comment further on the group’s work.

The job postings provide few specific details about what ZeroOne is building, though one listing references working on “conceiving, designing, and bringing to market computer vision techniques for a new smart-home product.”

Another post for a senior customer insights manager in San Francisco says the job entails owning “the methodology and execution of concept testing and early feedback for ZeroOne programs.”

“You’ll be part of a team that embraces design thinking, rapid experimentation, and building to learn,” the description says. “If you’re excited about working in small, nimble teams to create entirely new product categories and thrive in the ambiguity of breakthrough innovation, we want to talk to you.”

Amazon has pulled in staffers from other business units that have experience developing innovative technologies, including its Alexa voice assistant, Luna cloud gaming service and Halo sleep tracker, according to Linkedin profiles of ZeroOne employees. The head of a projection mapping startup called Lightform that Amazon acquired is helping lead the group.

While Amazon is expanding this particular corner of its devices group, the company is scaling back other areas of the sprawling devices and services division.

Earlier this month, Amazon laid off about 100 of the group’s employees. The job cuts included staffers working on Alexa and Amazon Kids, which develops services for children, as well as Lab126, according to public filings and people familiar with the matter who asked not to be named due to confidentiality. More than 50 employees were laid off at Amazon’s Lab126 facilities in Sunnyvale, according to Worker Adjustment and Retraining Notification (WARN) filings in California.

Amazon said the job cuts affected a fraction of a percent of the devices and services organization, which has tens of thousands of employees.

This post appeared first on NBC NEWS

While U.S. President Donald Trump’s tariffs play out in U.S. courts, another one of his proposed laws could weaponize the American tax system.

Investment banks and law firms warn this step could prove to be as significant as the impact of duties on investors.

The “One Big Beautiful Bill Act,” which passed through the U.S. House of Representatives last week, includes the most sweeping changes to the tax treatment of foreign capital in the U.S. in decades under a provision known as Section 899. The bill must still gain the Senate’s approval.

“We see this legislation as creating the scope for the US administration to transform a trade war into a capital war if it so wishes,” said George Saravelos, global head of FX research at Deutsche Bank on Thursday.

“Section 899 challenges the open nature of US capital markets by explicitly using taxation on foreign holdings of US assets as leverage to further US economic goals,” Saravelos added in the note to clients, under the subtitle “weaponization of US capital markets in to law.”

Section 899 says it will hit entities from “discriminatory foreign countries” — those that impose levies such as the digital services taxes that disproportionately affect U.S. companies.

France, for instance, has a 3% tax on revenues from online platforms, which primarily targets big technology firms such as Google, Amazon, Facebook, and Apple. Germany is reportedly considering a similar tax of 10%.

Under the new tax bill, the U.S. would hit investors from such countries by increasing taxes on U.S. income by 5 percentage points each year, potentially taking the rate up to 20%.

Emmanuel Cau, head of European Equity Strategy at Barclays, suggested that the mere passage of the tax legislation could make dollar assets less valuable for foreign investors.

“In our view, this is a risk for those companies generating US revenues, and domiciled in countries that have enacted Digital Services Taxes (DST) or are implementing the OECD’s Under Taxed Payment Rule (UTPR),” Cau said in a Friday note to clients.

He highlighted companies such as London-listed Compass Group, which provides catering services to U.S. schools, and InterContinental Hotels, which owns at least 25 luxury hotels in the U.S., are likely to be affected by the proposed law.

“Given US net international investment position is sharply negative, there is indeed scope for capital outflows if indeed S899 passes through the Senate in its current form,” he added.

The impact of the bill won’t be limited to European companies or individuals from those states.

The bill “could significantly increase tax rates applicable to certain non-U.S. individuals and business, governmental, and other entities,” said Max Levine, head of U.S. tax at the law firm Linklaters.

This means it could also ensnare governments and central banks, which are large investors of U.S. Treasuries. France and Germany, for instance, held a combined $475 billion worth of U.S. government bonds as of March.

The proposed tax would lower returns on U.S. Treasuries for those investors as “the de facto yield on US Treasuries would drop by nearly 100bps,” Deutsche Bank’s Saravelos added. “The adverse impact on demand for USTs and funding the US twin deficit at a time when this is most needed is clear”.

“It’s very bad,” said Beat Wittmann, chairman of Switzerland-based Porta Advisors. “This is huge — this is just one piece in the overall plan and it’s completely consistent with what this administration is all about.”

“The ultimate judge for this is not our opinions, it’s the bond market,” Wittmann added. “The U.S. bond market is discounting these developments, and we have seen in the last few weeks, that if there was a safe haven move, investors clearly prefer German bunds.”

Large Australian pension funds with U.S. investments have also been reportedly concerned by the bill, since Australia operates a medicines subsidy scheme that is opposed by large U.S. pharmaceutical companies.

Legal experts at the Mayer Brown law firm suggest that “significant changes” could be made to the bill as it passes through the U.S. Senate before it’s enshrined into law by Trump.

“As such, there may be questions about whether the provisions of the proposal that override tax treaties could be included in the US Senate’s version of the tax bill,” Mayer Brown’s experts said.

This post appeared first on NBC NEWS