Jensen Huang does not hide his frustration with U.S. chip policies. On Nvidia’s latest earnings call, the CEO said the $50 billion market for AI chips in China is now “effectively closed to U.S. industry.

Nvidia results pleased investors and eased fears over China tariffs and separately a court ruled President Trump’s tariffs are illegal with the White House vowing to appeal and Elon Musk is officially done with DOGE.

Investors may have thought they missed out after Nvidia (NASDAQ: NVDA) shares popped yesterday from its fiscal 2026 first-quarter earnings report. Nvidia stock ended Friday's session down 2.9%, which is about in line with where it closed prior to the earnings pop yesterday.

E.l.f. Beauty is acquiring Hailey Bieber’s beauty brand, giving the cosmetics company’s stock a major glow-up. E.l.f. on Wednesday announced its $1 billion cash-and-stock deal to buy Rhode, the American model’s cosmetics and skin-care line.

Investors are embracing a “keep calm and carry on” attitude as Nvidia shows a healthy business outside of China, with big growth opportunities ahead.

Nvidia ( NVDA) stock dropped as much as 2% Friday morning after US President Trump claimed that China had “totally violated” an agreement with the US. The tech-heavy Nasdaq ( ^IXIC) fell 0.3%, while the S&P 500 ( ^GSPC) was down just 0.1% late Friday morning.

Nvidia's results were much better than they might seem at first glance. Both the top and bottom lines were hurt by new U.S. government export controls on the company's H20 chip, which it had specifically designed for the Chinese market to comply with the government's second round of advanced AI chip export controls.

U.S. stocks fell Wednesday with Fed minutes revealing concerns about inflation and recession. Tech bellwether Nvidia reports after the bell.

The AI chip maker briefly surpassed Microsoft to become the world's most valuable company but looks set to slip back Friday.