President Trump’s signature tariffs declared illegal were immediately spun into a bureaucratic blur, then promptly paused by a federal appeals court. The AI bellwether, Nvidia, delivered strong results that didn’t just clear a high bar, they brought their own.

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 remains the bellwether for the artificial intelligence trade, but its latest quarterly results reflect both the company’s continued dominance and the mounting headwinds it faces from export restrictions and margin pressures.

Stock futures moved higher Thursday after a federal court struck down most of the Trump administration's tariffs, while the technology sector rallied following a strong earnings report from AI chipmaker Nvidia.

President Trump rejected claims that he is backing down on tariffs in Oval Office comments Wednesday, when asked about a new saying from Wall Street analysts that “Trump always chickens out," or TACO for shorthand,

India has reportedly offered the US steep tariff cuts but is seeking to retain high duties on some agricultural commodities, such as food grains and dairy products, according to a report in the FT on Wednesday.

Nvidia on Wednesday reported earnings that topped market expectations, with a $4.5 billion hit from US export controls being less than the Silicon Valley chip juggernaut had feared.

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