President Trump Holds Swearing-In Ceremony For Interim U.S. Attorney For D.C. Jeanine Pirro

Workers replaster the wall of the White House Rose Garden colonnade (Andrew Harnik/Getty Images)

Magnificent 7 rise after court strikes down tariffs; here’s how each company has skin in the game

Some of the biggest tech companies had the most to lose from the trade war.

5/29/25 9:42AM

The Magnificent 7 were all trading higher following news that a trade court struck down President Trump’s “Liberation Day” reciprocal tariffs. The administration has said it will appeal the decision, but if it holds, tariffs on imports from dozens of countries, including the current 30% tariff on China, would be lifted.

While the market overall is up on the news, Big Tech companies Apple, Amazon, Google, Tesla, Microsoft, Meta, and Nvidia especially have skin in the trade war game to varying degrees.

Apple, which produces most of its products in China, likely had the most to lose out of any tech company in Trump’s trade war. On its latest earnings call, the company said the existing tariffs — it had been temporarily spared from tariffs on China but is awaiting sector-specific levies — would have cost it $900 million in the current quarter.

Amazon is highly dependent on importing goods for its e-commerce site from China. On the company’s last earnings call, CEO Andy Jassy said that while tariffs hadn’t meaningfully affected prices or demand, they were causing a lot of uncertainty. It’s also unlikely that the CEO would have made a big deal about tariffs’ impact, as the company tries to stay out of the Trump administration’s line of sight.

China is a huge market for Nvidia, so it’s riding high on the tariff news, but it (and the AI supply chain generally) is also up on the news of its earnings beat yesterday. Meanwhile, Nvidia is delicately navigating an export ban to China for its H20s that slashed its annual revenue forecast by some $8 billion.

Amazon, Meta, and Google, which have giant advertising businesses, all face knock-on effects from lost Chinese advertising money thanks to tariffs.

While tariffs between the US and China don’t affect Tesla much since it manufactures the cars for each of those markets where it sells them, China is a major market for Tesla, and any anti-American sentiment affects its business there.

Tariffs have driven up costs of AI infrastructure hardware for Meta, and presumably the rest of the Mag 7, which all are building their AI prowess.

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Bot bias

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Companies are getting AI chatbots to smear their competitors

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Prediction markets have, predictably, been given a boost by the summer of sports

Major platforms like Kalshi and Polymarket have seen huge upticks in users of late, thanks in no small part to what’s felt like a recent sporting smorgasbord, with major competitions across hockey, basketball, and soccer soaking up fans’ time (and spending, clearly) at the outset of summer.

While gaming industry groups may not like it, there’s been a huge change in the methods people are using to put money on the big games, with everyone from fortunate NYC bar owners, to a far less fortunate Spanish supporter, turning to prediction markets to try and turn their sports know-how into cold, hard cash.

According to a new report from Adam Blacker for apptopia, that shift might have been even more seismic than imagined in the wake of the NBA and NHL finals and around the 2026 World Cup kicking off.

2026 World Cup Reverses Seasonal Lull for Sports Betting Apps

According to a new report from Adam Blacker for apptopia, that shift might have been even more seismic than imagined in the wake of the NBA and NHL finals and around the 2026 World Cup kicking off.

South by Southwest Conference and Festivals

Gold Tesla Cybercabs are piling up, but they’re not picking up passengers yet

Low-volume production started in April. Now people are noticing them more and more in the wild.

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TAKING ACCOUNTS

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Britain announces social media ban for under-16s starting early 2027

The UK government plans to use the same model for the restrictions as Australia — but how successful has that case study been so far?

UK Prime Minister Announces Under-16s Social Media Ban

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Anthropic pulls Fable and Mythos access worldwide after Trump administration bars their use by foreign nationals

Only days after releasing two versions of its next-gen AI model, Anthropic has disabled them for users worldwide.

Anthropic says it received a Friday night order from the Trump administration to suspend access to the models for any foreign national (anywhere in the world) — a group that included some Anthropic employees. In response, the company turned off access to everyone.

Last week, the company released to the public its much-anticipated Claude Fable 5 model (and its restricted version Claude Mythos 5, which is still being tested with trusted partners). Anthropic said in a blog post announcing the action that officials cited national security concerns with the new models, while offering few specific details.

The post said that the government gave the company “verbal evidence of a potential narrow, non-universal jailbreak” of the public Fable 5 model. A jailbreak is a means by which users can evade restrictions built into the code to unlock prohibited functionality. Anthropic downplayed the significance of the attack, and said other major models, such as OpenAI’s GPT-5.5, could also be affected by the technique described.

Fears of these first Mythos-class models being misused are running high, after Anthropic warned the cybersecurity world in May that the advanced cyber capabilities of Mythos have rapidly discovered thousands of vulnerabilities in ubiquitous software, leading to the decision to restrict the full version of the model to a close group of trusted partners for testing.

This morning, Axios reported that Anthropic technical staff have flown to Washington to meet with White House officials to resolve the issue.

The Wall Street Journal is reporting that the Trump administration’s decision to take action against Anthropic was prompted by discussions that Amazon CEO Andy Jassy had with officials, including Treasury Secretary Scott Bessent. According to the report, Amazon researchers said they had been able to evade some of Fable 5’s security restrictions using specific prompts. Amazon is a major investor in Anthropic.

Anthropic is currently suing the US government to fight the Pentagon’s blacklisting of the company on national security grounds.

Statement on the US government directive to suspend access to Fable 5 and Mythos 5