Trump's Tariffs Blocked by Court; Nvidia Forecasts Exponential AI Growth

Court Ruling on Trump Tariffs

• ⚖️ A US Court of International Trade has declared many of President Donald Trump's tariffs illegal, demanding their removal within 10 days.
• 💥 This ruling throws the Trump administration's tariff strategy into turmoil and potentially weakens its negotiating position with foreign countries.
• 🚀 The administration is appealing the decision, with the possibility of the US Supreme Court having the final say.
• 💡 The court argued that national security threats cited by the administration, such as fentanyl and trade deficits, were not valid justifications for these specific tariffs.
• 📈 Goldman Sachs suggests the ruling is a temporary setback, and the White House could offset the impact with other taxes or tariff tools.

Nvidia's Strong Sales Forecast and China Market

• 💡 Nvidia CEO Jensen Huang soothed investor fears with a solid sales forecast, emphasizing continued exponential growth in the AI computing market.
• 📊 Nvidia reported a 69% rise in sales to $44.1 billion, with a forecast of approximately $45 billion for the next fiscal quarter.
• ⚠️ New export restrictions are estimated to cost Nvidia about $8 billion in Chinese revenue.
• 🇨🇳 Huang acknowledged the importance of the Chinese market, the second-largest AI market globally, and the formidable competition from companies like Huawei.
• ⚙️ Nvidia is exploring options for a new chip design for the Chinese market, but faces stringent limitations on what can be offered.

US-China Relations and Visa Policies

• 🇨🇳 China has strongly criticized the US plan to aggressively revoke visas for Chinese students, particularly those with ties to the Chinese Communist Party or studying in critical fields.
• 📉 This move, coming shortly after a truce in the tariff war, underscores the fragility of US-China ties.
• 🗣️ China's foreign ministry spokeswoman called the US action "politicized and discriminatory," predicting it would further undermine the US's global image.

Elon Musk's Role and Tesla's Robo Taxi

• 🚀 Elon Musk is ending his time as a formal adviser to President Trump, with his role as a special government employee set to expire.
• 🚗 Tesla plans to launch its robo taxi service in Texas on June 12th, starting with a small fleet and aiming for expansion.

Other News and Market Reactions

• ⚖️ A judge denied a request for a mistrial in the Sean "Diddy" Combs sex trafficking trial.
• 🇺🇸 President Trump expressed openness to pardoning individuals convicted in a plot to kidnap Michigan Governor Gretchen Whitmer, calling it a "railroad job."
• 🇵🇸 Growing pressure on Israel for a ceasefire plan amid reports of families storming UN warehouses in Gaza for food.
• 🏀 NBA and NHL conference finals are underway, with the Oklahoma City Thunder and Florida Panthers taking leads in their respective series.
• ⚾ The Yankees swept the Angels, extending their winning streak to 16 of their last 20 games.