Nvidia recoups its losses for the year

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Nvidia recoups its losses for the year

Nvidia CEO Jensen Huang at the Hill & Valley Forum 2025 on April 30 in Washington, D.C.

Jemal Countess | Getty Images Entertainment | Getty Images

The “Magnificent Seven” group of stocks — comprising Alphabet,

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, Apple, Meta Platforms,

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, Nvidia and Tesla — drove much of the S&P 500’s sterling 23.31% gain in 2024.

They have also been some of the hardest stocks hit by U.S. President Donald Trump’s tariffs. Those that rely heavily on global supply chains and export markets, such as Apple and Nvidia, suffered the most. By contrast, Meta and

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, which derive more of their revenue from digital services, such as ad sales or enterprise software, actually saw their shares head upward this year.

On Wednesday, Nvidia joined Meta and

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to become the third member of the Magnificent Seven to trade in the green year to date. It’s a significant move because the chipmaker — as the word suggests — doesn’t deal in intangible products that can slip through trade barriers.

Nvidia’s recovery suggests that deal-making under Trump — in terms of tariff agreements and broad bilateral ties, such as those he is forging with Saudi Arabia on his state visit — is providing businesses with a better environment. But it also emphasizes how volatile the market can be this year, when the engine behind 2024’s blistering rally can sputter out within the weeks surrounding Trump’s “Liberation Day.”

What you need to know today

Three-day winning streak for S&P 500U.S. markets traded mixed Wednesday. The S&P 500 ticked up 0.1% and the Nasdaq Composite rose 0.72%. The tech-heavy index was lifted by a 4.7% rise in AMD shares after the chip company announced a $6 billion share buyback as well as a jump in Nvidia shares. The Dow Jones Industrial Average lost 0.21%. Asia-Pacific stocks fell Thursday. Japan’s Nikkei 225 declined around 0.9% and Hong Kong’s Hang Seng Index dropped nearly 1%.

Nvidia is back in the greenNvidia on Wednesday climbed more than 4% on the back of news that it would sell more than 18,000 of its top artificial intelligence chips to Saudi Arabia. The share move puts Nvidia into positive territory for the year, becoming the latest “Magnificent 7” member stock to return to the green amid the for broader market’s recovery.

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, Alphabet, Tesla and Apple are still facing year-to-date losses in their share prices.

Largest deal for Boeing and Qatar AirwaysBoeing and Qatar Airways on Wednesday announced a deal for the Middle Eastern airline to buy up to 210 jets during Trump’s state visit with the emir of Qatar. The order, which is the biggest in Qatar Airways’ history — and for Boeing, according to Trump — is a boost to the beleaguered planemaker, which hasn’t posted a profit since 2018.

‘I like you too much’: Trump to Saudi crown princeAt the U.S.-Saudi Investment Forum on Tuesday that was attended by CEOs such as Tesla’s Elon Musk, Nvidia’s Jensen Huang and BlackRock’s Larry Fink, Trump gave a speech in which he praised Saudi Arabia and told the country’s Crown Prince Mohammed bin Salman — who was in the audience — “I like you too much.” Trump also met with Syrian leader Ahmed al-Sharaa in Saudi Arabia the same day.

[PRO] Stocks could retest April lows: Steve CohenSteve Cohen, founder of investment firm Point72, said he thinks stocks could “go back toward the lows” in April and that there’s a 45% chance of a recession. Cohen, however, said a decline in the stock market would not necessarily be a “calamity.”

And finally…

Critical minerals such as cobalt, nickel, copper and manganese can be found in potato-sized nodules at the bottom of the seafloor.

Pallava Bagla | Corbis News | Getty Images

Trump’s critical minerals drive paves the way for a deep-sea gold rush

Seeking to counter China’s mineral dominance, the Trump administration in April 

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 a sweeping executive order to fast-track deep-sea mining within U.S. and international waters.

The move is designed to help private companies access billions of tons of potato-sized rocks known as polymetallic nodules, which are rich in strategically important minerals.

The U.S. National Oceanic and Atmospheric Administration, a government agency, appeared to welcome Trump’s announcement, 

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 the executive order heralds “the next gold rush” and lays the ground for “a thriving domestic manufacturing industry.”

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#Nvidia #recoups #losses #year

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