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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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Rani Molla5/22/26

Report: Uber considers full Delivery Hero takeover to take on DoorDash outside the US

Uber appears to be considering upping its competition with DoorDash outside the US, exploring a potential full takeover of Frankfurt-listed Delivery Hero, Bloomberg reports. Earlier this week the US-based ride-hailing service disclosed a 19.5% stake in the food delivery company, but now that could go higher.

The $11.8 billion German company could be particularly vulnerable to a takeover right now, with its CEO having recently stepped down following pressure from activist investors to sell off assets. A full acquisition would give Uber a massive foothold in over 60 countries to combat DoorDash’s European-focused Wolt unit.

Uber has been involved in a lot of deal-making of late, mostly in the autonomous vehicle space, where it now has more than 30 partnerships globally.

Uber extended its losses on the news and is currently down around 1.7%.

Uber Said to Study Full Takeover of European Rival Delivery Hero

Uber has been involved in a lot of deal-making of late, mostly in the autonomous vehicle space, where it now has more than 30 partnerships globally.

Uber extended its losses on the news and is currently down around 1.7%.

Rani Molla5/22/26

Meta released a Reddit dupe. Reddit investors don’t like it.

Fresh on the heels of releasing a Snapchat dupe, which sent Snap down earlier this month, Meta seems to be meddling with Reddit, quietly releasing a Reddit-like Facebook app called Forum yesterday. After news of the “dedicated space built for deeper discussions, real answers and the communities you care about,” Reddit’s stock is down 4.5% today.

Last month, Reddit’s earnings report handily beat analysts’ expectations, but it continues to struggle with the perception that bigger tech companies — including Meta — investing heavily in AI will eat its lunch. The stock is down nearly 40% year-to-date.

Jon Keegan5/21/26

Report: OpenAI’s Q1 revenue was $5.7 billion, beating Anthropic

The neck-and-neck race between OpenAI and Anthropic as the AI companies barrel toward their expected IPOs this year is shaking out some internal numbers for would-be investors to ponder.

The Information is reporting that OpenAI’s first-quarter revenue was ~$5.7 billion, about $1 billion ahead of Anthropic’s revenue for the same period.

The Wall Street Journal recently reported that Anthropic is on course to more than double its first-quarter revenue of $4.8 billion to $10.9 billion in the second quarter. It is not known what OpenAI is projecting for Q2.

Recently, The New York Times reported that Anthropic’s current fundraising round seeking to raise between $30 billion and $50 billion comes with a valuation of up to $950 billion, putting it ahead of OpenAI’s latest reported valuation of $850 billion.

OpenAI Held $1 Billion Revenue Lead Over Anthropic in First Quarter

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Alphabet’s Waymos are still getting caught in floods after recall

Waymo, the self-driving subsidiary of Alphabet, has paused operations in Atlanta after a new report of a vehicle driving into a flooded roadway and getting stuck, TechCrunch reports. The news comes just weeks after the company recalled its fleet of nearly 4,000 driverless cars to deal with a previous flood incident in San Antonio, where the service is also paused.

After that incident, Waymo instituted an “interim remedy” to make the vehicles “exclude additional operating conditions that present an elevated risk of encountering a flooded, higherspeed roadway,” but added that it was still “developing the final remedy for this recall.”

As we’ve noted, Waymo has mostly kept its rollout — now public in 11 cities — to more temperate climates, as severe weather poses more challenges to autonomous vehicles.

Waymo pauses Atlanta service as its robotaxis keep driving into floods | TechCrunch