Big Tech Roars Back To Life As Trump Blinks On Tariffs

Shares of the companies, which include AI chip giant Nvidia, Apple, Tesla and Microsoft, were up between 7.8 and 13, powering a market rally that pushed the Nasdaq up 8.

The group of high-performing tech stocks has driven the market for years, but its fortunes took a turn for the worse in the past few months as doubts arose about the AI spending spree, and the US waged a trade war with sweeping tariffs.

The companies have collectively shed around 5-trillion in market value since their peak in late 2024, with the losses accelerating last week after Trump slapped tariffs on imports from countries including major tech market and exporter China.

For tech stocks this was much needed relief and pulls stocks and the market from the edge of the cliff although China remains the biggest variable related to Apple and the broader supply chain, Wedbush Securities analyst Dan Ives said.

Trump said on Wednesday he would pause many of his new tariffs for 90 days, even as he raised them further on imports from China. His sudden reversal came less than 24 hours after steep new tariffs kicked in on imports from dozens of trading partners.