Jonathan Wong
The Latest
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Nvidia Warns of $5.5 Billion Hit as U.S. Tightens China Chip Export Controls
Nvidia shares tumbled more than 6% Wednesday after the chipmaker disclosed a $5.5 billion charge tied to new U.S. government export controls on semiconductors destined for China. The surprise announcement triggered a selloff in chip stocks and renewed concerns over deepening U.S.-China tech tensions. 
Nvidia shares tumbled more than 6% Wednesday after the chipmaker disclosed a $5.5 billion charge tied to new U.S. government export controls on semiconductors destined for China. The surprise announcement triggered a selloff in chip stocks and renewed concerns over deepening U.S.-China tech tensions. -
Chinese Factories Flood TikTok With Bargain Luxury Claims, Lululemon, Hermès Deny Claims of Chinese Sourcing
As President Donald Trump's tariffs on Chinese goods climb up to 145%, Chinese manufacturers have taken to TikTok to appeal directly to American consumers, promoting cut-rate luxury goods purportedly sourced straight from their factories. But experts and brands are warning that many of the viral claims are false or misleading-and could involve counterfeits. 
As President Donald Trump's tariffs on Chinese goods climb up to 145%, Chinese manufacturers have taken to TikTok to appeal directly to American consumers, promoting cut-rate luxury goods purportedly sourced straight from their factories. But experts and brands are warning that many of the viral claims are false or misleading-and could involve counterfeits. -
ASML Shares Fall 5% After €3.94 Billion Order Miss, Tariff Uncertainty Clouds Outlook
Dutch semiconductor equipment maker ASML reported weaker-than-expected order bookings for the first quarter of 2025, citing rising uncertainty over U.S. trade tariffs that could impact demand for its chipmaking systems. The company posted net bookings of €3.94 billion ($4.47 billion), missing analysts' forecasts of €4.89 billion, and sending shares down nearly 5% in early trading Wednesday. 
Dutch semiconductor equipment maker ASML reported weaker-than-expected order bookings for the first quarter of 2025, citing rising uncertainty over U.S. trade tariffs that could impact demand for its chipmaking systems. The company posted net bookings of €3.94 billion ($4.47 billion), missing analysts' forecasts of €4.89 billion, and sending shares down nearly 5% in early trading Wednesday. -
Bank of America Posts 11% Profit Jump, Beats Q1 Estimates Amid Robust Consumer Spending
Bank of America reported first-quarter profits that surpassed Wall Street's expectations, driven by robust consumer spending, resilient credit conditions, and stronger-than-anticipated trading revenues. The bank posted earnings of 90 cents per share, well ahead of analysts' estimates of 82 cents, with total revenue increasing nearly 6% to $27.51 billion against expectations of $26.99 billion. 
Bank of America reported first-quarter profits that surpassed Wall Street's expectations, driven by robust consumer spending, resilient credit conditions, and stronger-than-anticipated trading revenues. The bank posted earnings of 90 cents per share, well ahead of analysts' estimates of 82 cents, with total revenue increasing nearly 6% to $27.51 billion against expectations of $26.99 billion. -
Zuckerberg Testifies in FTC Trial as Meta Faces Breakup Over Instagram, WhatsApp Deals
Meta CEO Mark Zuckerberg defended his company's past acquisitions in federal court Monday, as the Federal Trade Commission opened its landmark antitrust trial accusing the social media giant of illegally monopolizing the personal social networking market. The case, underway in the U.S. District Court for the District of Columbia, focuses on Meta's acquisitions of Instagram and WhatsApp, and threatens to dismantle a core part of its business if the FTC prevails. 
Meta CEO Mark Zuckerberg defended his company's past acquisitions in federal court Monday, as the Federal Trade Commission opened its landmark antitrust trial accusing the social media giant of illegally monopolizing the personal social networking market. The case, underway in the U.S. District Court for the District of Columbia, focuses on Meta's acquisitions of Instagram and WhatsApp, and threatens to dismantle a core part of its business if the FTC prevails. -
Pfizer Scraps Oral GLP-1 Drug Danuglipron as Safety Setback Derails Obesity Ambitions
Pfizer said Monday it will halt development of its once-daily obesity pill danuglipron following a safety concern identified in early-stage testing, marking another setback in the company's push to enter the lucrative weight loss drug market dominated by rivals Eli Lilly and Novo Nordisk. The decision comes after a patient in a clinical trial experienced a potential drug-induced liver injury that resolved after the treatment was discontinued. 
Pfizer said Monday it will halt development of its once-daily obesity pill danuglipron following a safety concern identified in early-stage testing, marking another setback in the company's push to enter the lucrative weight loss drug market dominated by rivals Eli Lilly and Novo Nordisk. The decision comes after a patient in a clinical trial experienced a potential drug-induced liver injury that resolved after the treatment was discontinued. -
Goldman Cashes In on Market Turmoil, But Warns of ‘Markedly Different’ Quarter Ahead
Goldman Sachs reported a 15% rise in first-quarter profits to $4.74 billion, as the bank's trading unit capitalized on stock market volatility triggered by escalating tariff announcements from President Donald Trump. Total revenue climbed 6% to $15.06 billion, exceeding analyst expectations, though softness in investment banking signaled growing strain across Wall Street's dealmaking landscape. 
Goldman Sachs reported a 15% rise in first-quarter profits to $4.74 billion, as the bank's trading unit capitalized on stock market volatility triggered by escalating tariff announcements from President Donald Trump. Total revenue climbed 6% to $15.06 billion, exceeding analyst expectations, though softness in investment banking signaled growing strain across Wall Street's dealmaking landscape. -
Chinese Amazon Sellers to Raise Prices or Exit U.S. Market as Trump Tariffs Hit 125%
Chinese merchants operating on Amazon are preparing to raise prices or withdraw from the U.S. market in response to President Donald Trump's latest tariff hike, which raised duties on Chinese imports to 125%, escalating trade tensions between the world's two largest economies. 
Chinese merchants operating on Amazon are preparing to raise prices or withdraw from the U.S. market in response to President Donald Trump's latest tariff hike, which raised duties on Chinese imports to 125%, escalating trade tensions between the world's two largest economies. -
Apple Airlifts 1.5 Million iPhones From India to Dodge Trump’s 125% China Tariffs
Apple Inc. chartered cargo flights to airlift roughly 600 tons-or as many as 1.5 million-iPhones from India to the United States in a strategic move to preempt steep tariffs imposed by President Donald Trump on Chinese imports, according to sources familiar with the operation. 
Apple Inc. chartered cargo flights to airlift roughly 600 tons-or as many as 1.5 million-iPhones from India to the United States in a strategic move to preempt steep tariffs imposed by President Donald Trump on Chinese imports, according to sources familiar with the operation. -
Trump's Pharma Tariff Threat Sinks Global Drug Stocks as Market Faces Regulatory Jitters
Global pharmaceutical stocks fell sharply Wednesday after President Donald Trump reiterated plans to impose a "major" tariff on drug imports, escalating fears across an industry already grappling with regulatory uncertainty and weakening investor confidence. The announcement came as Trump's broader reciprocal tariff regime took effect, further roiling international markets. 
Global pharmaceutical stocks fell sharply Wednesday after President Donald Trump reiterated plans to impose a "major" tariff on drug imports, escalating fears across an industry already grappling with regulatory uncertainty and weakening investor confidence. The announcement came as Trump's broader reciprocal tariff regime took effect, further roiling international markets.
