Microsoft urged the Trump administration to change Biden-era limits on chip exports, warning that provisions of the regulations could give China an advantage in the global AI race if allowed to remain in effect.

Tech companies with a combined market valuation of more than $8 trillion are urging the Trump administration to rethink chip export restrictions that they fear will push US allies into the arms of Chinese competitors.

Nvidia CFO Colette Kress said gross margins are expected to be in the "low 70s" as Blackwell production ramps up before improving later in the year.

Nvidia reported its fourth-quarter results after Wednesday's closing bell. Investors and analysts have focused on early sales of the company's new Blackwell line.

Nvidia's quarterly outlook on Wednesday suggested demand from Microsoft , Amazon and other heavyweight tech companies racing to build out AI infrastructure remains robust, though the outcome failed to significantly quell fears of overspending in the booming industry.

An upbeat tone is seeping into markets as investors dig into Nvidia's quarterly earnings beat, which signaled plenty of scope for growth.

Nvidia shares plummeted 8.5%, weighing down the Nasdaq Composite, just as Trump reaffirmed that tariffs would go ahead.

AI giant Nvidia’s stock plunged by 8.5%, leaving Apple as the only $3 trillion company, according to data from Google Finance, which also shows that Nvidia had $273 billion erased from its market cap yesterday after reporting some pretty impressive earnings on Wednesday.