Chip stocks and Big Tech shares jump on Trump tariffs ruling, Nvidia's earnings, and Elon Musk news

Stock markets are moving higher in premarket trading on Thursday as of the time of this writing. Two groups of stocks are doing particularly well: Big Tech's Magnificent Seven and major chipmaker stocks. Shares in one stock that crosses over into both groups—Nvidia Corporation (Nasdaq: NVDA)—are currently up 6% in premarket trading.
But NVDA isn't the only chip and tech stock that is up. Other major technology companies like Apple Inc. (Nasdaq: AAPL), Amazon.com, Inc. (Nasdaq: AMZN), and Broadcom Inc. (Nasdaq: AVGO) are also trending significantly higher.
Why are Big Tech and chipmaker stocks surging this morning? It comes down to three pieces of news. Here's what you need to know.
Markets and Big Tech jump on Trump tariff court ruling
As of the time of this writing, market futures are trending higher this morning. S&P Futures are currently up 1.1%, Dow Futures are up 0.56%, and Nasdaq Futures are up 1.6%.
The main reason for this broad surge in futures is a ruling issued by the U.S. Court of International Trade on Wednesday that declared President Trump's 'Liberation Day' tariffs illegal.
As CNBC notes, the three-judge panel ruled that the mechanism Trump used to invoke the tariffs without Congressional approval—the International Emergency Economic Powers Act (IEEPA)—doesn't grant the president the authority to impose universal tariffs.
The judges declared that 'the Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs,' and ordered not only a permanent halt to the tariffs but future modification to them as well.
As Fast Company previously reported, multiple states and small businesses sued over the implementation of the tariffs.
The judges also ruled against the Trump administration's implementation of tariffs against Canada, Mexico, and China based on the importation of fentanyl into the United States, saying those separate tariffs 'fail because they do not deal with the threats set forth in those orders.'
Not all of Trump's tariffs have been ruled unlawful. The president's tariffs on aluminum and steel can remain because they were not implemented under the IEEPA.
The Court of International Trade gave the Trump administration 10 days to put a halt to the tariffs ruled illegal, but the Trump administration has already appealed the ruling, which may very likely end up before the Supreme Court.
While the tariff situation is likely to continue to play out in the courts in the weeks ahead, news of the ruling has lifted futures—and Big Tech stocks.
The companies that make up Big Tech's Magnificent Seven—Google, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—faced particular challenges from the tariffs since many of their products are sourced from China, the country that received the highest tariffs.
If not directly sourcing their products from China, they still rely on supplies or components from the country, such as servers, that the tariffs have threatened to make acquiring more expensive.
Here's how Big Tech's Magnificent Seven stocks are currently trading based on the news:
Alphabet Inc. (Nasdaq: GOOG): up 1.29%
Amazon.com, Inc. (Nasdaq: AMZN): up 2.5%
Apple Inc. (Nasdaq: AAPL): up 2.4%
Meta Platforms, Inc. (Nasdaq: META): up 1.4%
Microsoft Corporation (Nasdaq: MSFT): up 0.8%
NVIDIA Corporation (Nasdaq: NVDA): up 6%
Tesla, Inc. (Nasdaq: TSLA): up 2.49%
Elon Musk's time in the Trump administration 'comes to an end'
One of the Magnificent Seven stocks—Tesla—is certainly getting a boost from the ruling against Trump's tariffs, but there's likely another reason why the stock is trending higher today, too. That reason is Elon Musk.
On Wednesday, the CEO took to his social media platform X to announce that his time in the Trump administration has come 'to an end.'
'As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending,' Musk wrote, adding, 'The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.'
Musk joined the administration in January to head the controversial Department of Government Efficiency (DOGE). But his work with the administration and DOGE has cost his most well-known company, Tesla, dearly. Musk's involvement in politics has alienated many of the carmaker's fans across the globe, leading to plummeting Tesla sales in many key markets, including those in Europe and the United States.
News that he is leaving DOGE and the Trump administration is something Tesla investors have been waiting to hear for a long time—and it's contributing to TSLA stock moving higher this morning.
Nvidia's earnings lift chip stocks
Finally, while many chipmaker stocks are also getting a lift today due to the Trump tariff ruling news, chipmaker and chipmaker-adjacent stocks, including chip machine maker ASML Holding N.V. (Nasdaq: ASML), are also seeing a boost thanks to Nvidia's Q1 fiscal 2026 earnings results, which the company announced yesterday.
Nvidia reported revenue of $44.1 billion, which was up 12% from the previous quarter and 69% from the same quarter a year earlier. It also reported data center revenue of $39.1 billion, a 10% rise from the previous quarter and a 73% rise from the same quarter a year ago.
As CNBC notes, the better-than-expected earnings results have sent NVIDIA Corporation shares higher. Currently, they are up 6%.
But since Nvidia is often seen as a bellwether for other chipmakers and chipmaker-adjacent stocks, companies operating in those spaces are also seeing their shares rise this morning on Nvidia's news.
Moreover, as Nvidia's technology has been playing a key role in powering the artificial intelligence (AI) revolution, its earnings beat was seen as a sign that demand for AI remains strong. All in all, it's looking like a positive start to the morning in the markets, especially for stocks that operate in the Big Tech and chipmaker sectors.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

New York Post

30 minutes ago

• New York Post

Vance: ‘No interest in boots on the ground' — but bracing for poss. sleeper-cell attacks in US

Vice President JD Vance on Sunday insisted the US has no interest in putting boots on the ground in Iran — while admitting the administration is bracing for potential terror attacks from sleeper cells in America. 'We're not at war with Iran. We're at war with Iran's nuclear program,' Vance told NBC's 'Meet the Press.' 'We have no interest in a protracted conflict. We have no interest in boots on the ground,' he said. 'We didn't blow up diplomacy. 'We only took this action when it was clear, as the president said, that the Iranians were tapping us along,' the vice president said of the US strikes against Iran's nuclear facilities Saturday. 'The Iranians are clearly not very good at war. Perhaps they should follow President Trump's lead and give peace a chance if they're serious about it. I guarantee you, the president of the United States is,' Vance said. 4 Vice President JD Vance on Sunday warns Iran against retaliation. NBC 4 The Pentagon laid out a timeline for how 'Operation Midnight Hammer' unfolded against Iran on Saturday. Dept of Defense The vice president insisted Iran's network of terrorist proxies in the region is already washed up, as is its nuclear program, though comprehensive damage assessments haven't been finished. After announcing the successful military campaign late Saturday, Trump dramatically warned that any retaliation from Iran 'will be met with force far greater than what was witnessed' during the strikes on its Fordow, Natanz and Esfahan nuclear sites. Vance reiterated that warning and underscored that 'it would be the stupidest thing in the world if they' seek retribution. He also indicated that the US has been battening down the hatches just in case. 'We're, of course, doing everything that we can to keep our people safe. I think that we're prepared in the event that the Iranians do retaliate,' Vance said — before later warning about possible sleeper cells in the US. 'Unfortunately, we know that a lot of people who we don't have full accounting of were let in over the last four years under the Biden administration,' Vance said. Also among the fears of reciprocation from Iran is that Tehran could target US bases and other military assets in the Mideast or close off the Strait of Hormuz, a critical waterway through which about 20% to 25% of the world's oil consumption flows. 4 Vance joined President Trump in the Situation Room to monitor the strikes Saturday. The White House/X Vance said it would be 'suicidal' for Iran to try to shut the strait, particularly given the havoc that would wreak on its already beleaguered economy. But he reiterated that 'our biggest red line is the Iranian nuclear weapons.' Vance, throughout his tenure as an elected official, has staked out a staunch anti-war position. He had long been skeptical of protracted US aid to war-torn Ukraine. In March, a leaked Signal message chat revealed that he was privately apprehensive about Trump's strike against the Houthis in Yemen. Despite that, Vance was adamant Sunday that Trump is being prudent with his use of military force and that preventing Iran's theocratic regime from obtaining a nuke is within America's core interests. 'The president has actually been one of the fiercest critics of 25 years of failed foreign policy in the Middle East, which is why he did what he did: a very precise, a very surgical strike tailored to an American national interest,' Vance said. 'I don't fear that this is going to become a protracted conflict because I think that we have a president who knows what's in America's interest.' The vice president also juxtaposed Trump's use of military action against Iran with how past presidents have dealt with conflicts in the tumultuous region. 4 Top military officials are still assessing the damage done to the Fordow Fuel Enrichment Plant and other facilities. MAXAR Technologies 'I certainly empathize with Americans who are exhausted after 25 years of foreign entanglements in the Middle East,' he stressed. 'I understand the concern. But the difference is that back then we had a dumb president.' Shortly after news of the strikes broke, a chorus of Democrats called for Trump to be impeached, accusing him of exceeding his military authority. Even some Republicans, such as Rep. Thomas Massie (R-Ky.), called the airstrikes unconstitutional. Vance, a former Ohio senator, shrugged off those concerns and stressed that 'the president has clear authority to act to prevent proliferation of weapons of mass destruction.' Earlier this year, Director of National Intelligence Tulsi Gabbard testified before the House and Senate intelligence committees that the US intelligence community assessed that 'Iran is not building a nuclear weapon.' She later accused the media of misconstruing her words. 'They were way too close to a nuclear weapon for the comfort of the president of the United States, which is why he took this action,' Vance said of the Iranians. 'We had a narrow window of opportunity. 'We might not have been able to carry out this attack six months down the road,' he added. 'It would have been irresponsible, I think, for the president not to take the action that he did. 'What happens next is up to the Iranians,' Vance assessed at another point in the interview.

The Hill

35 minutes ago

• The Hill

Trump touts ‘great unity' in GOP after Iran strikes, pushes to get ‘big, beautiful' bill done

President Trump touted the 'great unity' among Republicans following the U.S. strikes on Iranian nuclear facilities, as he called on the party to focus on getting his agenda bill through to his desk. 'Great unity in the Republican Party, perhaps unity like we have never seen before,' Trump said in a post on Truth Social on Sunday. 'Now let's get the Great, Big, Beautiful Bill done. Our Country is doing GREAT. MAGA!' he added. The president's remarks come after he announced Saturday evening that U.S. forces bombed three Iranian nuclear sites and said to Iran in a social media post, 'NOW IS THE TIME FOR PEACE!' The bombs targeted three nuclear sites in Natanz, Esfahan and Fordow, located inside a mountain. Six 'bunker buster' bombs were reportedly dropped on Fordow, while more than two dozen Tomahawk missiles were launched at the other two sites. The bombings put the U.S. directly in Iran's crosshairs for retaliation and made it an active participant in the Mideastern war, which Israel launched with airstrikes against Iran on June 13. Ahead of the strikes, news outlets had focused on the so-called 'civil war' in the GOP, between the pro-Israel foreign policy hawks and supporters who identified more with the 'America-First' agenda. Members of both groups had been publicly lobbying the president in opposite directions as he considered taking military actions against Iran. While some anti-interventionist Republicans—including Rep. Thomas Massie (R-Ky.)—still publicly criticized the strikes, most of the GOP expressed support following the announcement. The news also comes as the Senate enters a pivotal week for the president's massive agenda bill, which Republican leaders in Congress still say they hope to get done by July 4.

Wall Street Journal

36 minutes ago

• Wall Street Journal

Standards Slip at Fort Bragg

'On Display at D.C.'s Parade: Tanks, Drones and the Military's Identity Crisis' (Review, June 14) cites President Trump's speech at Fort Bragg in which he used a group of soldiers as stage props in a piece of political theater. The authors refer to it as 'a breach of traditional decorum.' I believe it is an egregious violation of U.S. military standards of conduct. Our armed forces have sedulously separated themselves from partisan politics—and soldiers on duty, in uniform, booing or cheering remarks in a blatantly political speech are acting in contravention to those standards. One might note that politicians don't campaign on military installations; nor should they. That a politician would use soldiers in this way is profoundly disrespectful to the Constitution and to the troops who are sworn to defend it. It appears that refresher training in standards of conduct would be in order at Fort Bragg. Moreover, someone might inform the president of what type of speech or behavior is appropriate for uniformed military audiences.