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U.S. stocks gainedWednesday as President Donald Trump signaled a softer stance on Chinese tariffs and Federal Reserve Chair Jerome Powell, easing investor concerns that had rattled markets in recent weeks. The Dow Jones Industrial Average rose 419 points, or 1.07%, while the S&P 500 climbed 1.6%. The tech-heavy Nasdaq outpaced both, jumping 2.5%. At one point, the Dow had added over 1,100 points before paring gains late in the session. Markets responded positively after Trump told reporters he had “no intention” of firing Powell, offering reassurance after weeks of critical comments aimed at the Fed chair. Trump also hinted at a possible rollback of the 145% tariffs on Chinese imports, saying they would come down “substantially” but would not be eliminated. However, Treasury Secretary Scott Bessent tempered market expectations by clarifying that no unilateral offer had been made to deescalate the U.S.-China trade conflict. Still, Bessent described the possibility of a “big deal” if both sides engage in joint rebalancing efforts. The easing rhetoric boosted shares of China-exposed tech firms. Apple and Nvidia rose 3% and 4%, respectively, while Tesla gained 5% after Elon Musk said he would reduce time spent on a government efficiency role. Despite the rebound, economic concerns persist. BCA Research warned of underpriced recession risks, pointing to weakening labor markets and slowing business investment. Meanwhile, Piper Sandler predicted a short-term truce on tariffs, but not a full rollback. Investor sentiment remains cautious, with some strategists urging discipline amid potential volatility and conflicting policy signals. Bitcoin ( BTC ) gained around 2.5% on the day, currently trading at around $93,700.

The SEC is changing its face, and with it perhaps the future of crypto regulation in the United States. With Paul Atkins at the helm, the sector finally envisions a more coherent and innovation-friendly approach. A decisive turning point for an ecosystem seeking clarity, after years of legal uncertainty. At his inaugural ceremony, in the presence of Donald Trump, Paul Atkins, the new SEC chairman, declared that crypto asset regulation would be his “top priority“. He promised a “rational, coherent and principle-based” approach to provide a solid regulatory foundation for the sector. He also expressed his ambition to make the United States “the safest and most favorable country in the world for crypto-related activities“. A strong commitment that contrasts with the hard stance of his predecessor, Gary Gensler . This new direction is welcomed by several major figures in the industry. Michael Saylor, executive chairman of Strategy, stated that “Paul Atkins will be good for Bitcoin“. Even Grok, the artificial intelligence from xAI, Elon Musk’s company, described Atkins as a “wise choice to transform the United States into a global crypto hub“. Mitchell DiRaimondo, founder of SteelWave Digital, emphasized that this change is arriving at a crucial time: “Atkins brings clarity where the sector desperately needs it”. The crypto community sees Atkins as an ally. His approach, more open to innovation, contrasts with the policies often seen as repressive from Gary Gensler, accused of “over-regulation“. Following these declarations, the crypto market is likely to react quickly, probably positively. The optimism generated by Paul Atkins and his will for favorable regulation will revive investor interest. This momentum could mark the beginning of a new bullish wave, driven by the prospect of a finally stabilized regulatory framework. As the SEC plays a central role in the regulatory future of crypto assets, Paul Atkins’ presidency could well signal renewal. It remains to be seen if he will keep his promises, but the message sent to the crypto sector is clear: constructive dialogue finally seems possible. Hopefully, he will not face the same pressures that Jerome Powell faced from Trump .

The United States has just banned Nvidia from exporting its H20 chips to China, causing a shockwave in the markets. This decision results in a colossal loss of 5.5 billion dollars for the American tech giant. Under Trump, we are witnessing the shift from a trade war to a total economic war between the United States and China. On Tuesday, April 15th, Nvidia announced an exceptional charge of 5.5 billion dollars related to the ban on exporting its H20 chips to China . This decision by the U.S. government represents much more than a simple financial loss for the company. It symbolizes a radical toughening of the American stance towards Beijing. Following this announcement, Nvidia’s stock dropped 6%, dragging down the entire Nasdaq, which lost 2% even before the markets opened. This reaction illustrates the strategic importance of this company, regarded as the technological flagship of 2024 with exceptional stock performance so far. This restriction is not trivial. Previously, Nvidia could export less powerful chips to China, while the most advanced ones were reserved for the American market and its allies. Now, the U.S. government imposes a mandatory license without delay for any chip export to China, including those specifically designed to circumvent previous restrictions. What started as tariffs under the Trump administration now evolves into a strategic technological confrontation. The United States no longer just taxes Chinese products but aims to block China’s access to the battle for dominance in AI, considered the next industrial revolution. The emergence of DeepSeek this year made a big impression. This Chinese startup, with limited resources, made considerable advances in artificial intelligence, shaking American confidence. This event, followed by an initial collapse of Nvidia, can be seen as the trigger for the start of this stock market crisis. The American administration, advised by Elon Musk, justifies its strategy by the need to preserve its technological superiority against a competitor seen as a threat. By this ban, Washington tries to maintain a decisive lead in AI by depriving its rival of the essential components for its technological development. We are witnessing the emergence of a deep decoupling between two superpowers going well beyond the Nvidia case. This phenomenon is already observable with Huawei, whose products are banned in the USA for national security reasons. This decoupling implies duplication of production chains, standards, and infrastructures. Ultimately, countries might be forced to choose their side according to the principle “either you are with us, or you are against us”. A philosophy reminiscent of the rhetoric of the post-9/11 Bush era. The consequences for the global economy are significant. Consumers could face higher prices due to this duplication of production systems. Innovation might also slow down, and companies’ margins could decrease. Some analysts do not hesitate to speak of the end of globalization as we have known it, in favor of a world organized into two closed geopolitical blocs. This new geopolitical reality leads to a profound questioning of stock valuations. Traditionally, tech companies like Nvidia are valued based on their anticipated future profits. The closing off of the Chinese market now forces a downward revision of expected earnings for many companies. The impact goes far beyond the tech sector. LVMH also suffers a sharp decline, a sign that markets anticipate a global economic slowdown linked to this fragmentation. Despite the recent lows, the downward trend could persist as long as the market has not fully incorporated this new reality. Unlike the 2008 crisis, centered on the financial sector, we face a systemic crisis that calls into question the very foundations of the global economy. The unprecedented shock to the markets could last much longer than a simple technical crash, with temporary rebounds in a generally negative trend. Beyond the stock markets, this Sino-American confrontation could have repercussions on the supremacy of the dollar as the world’s reserve currency. Traditionally, in times of uncertainty, investors turned to U.S. bonds, considered the ultimate safe asset. For the first time, this dynamic seems to be questioned. U.S. public debt no longer attracts investors as strongly, who worry about its long-term sustainability. Meanwhile, China is actively developing its digital yuan with the goal of competing with the dollar’s dominance. If U.S. interest rates were to rise sharply due to a loss of confidence in American debt, the burden of this debt would explode, potentially leading to a crisis far more severe than the one we currently know. The issue thus goes far beyond a simple trade conflict. In this context of global economic upheaval triggered by Trump, the Nvidia case appears as a warning signal announcing deeper transformations. Caution remains advisable for investors, even if opportunities may arise in this new fragmented geopolitical landscape. Because beyond the markets, it is the position of the dollar that is challenged.

🇺🇸 JUST IN: Elon Musk will scale back his role at the White House’s DOGE office, saying the “major work” is done and he’ll now refocus on Tesla. DOGE’s projected savings have dropped from $2 trillion to $150 billion, amid calculation errors and missed targets.

Tesla has maintained its Bitcoin holdings at 11,509 BTC, valued at approximately $951 million as of March 31, 2025. Despite missing revenue expectations with $19.34 billion in Q1 2025 revenue, falling short of analyst estimates of $21.37 billion, Tesla's Bitcoin stash has regained value and now exceeds $1 billion due to the cryptocurrency's price surge. *Key Highlights:* - *Bitcoin Holdings:* 11,509 BTC, unchanged since June 2022 - *Value:* $951 million (as of March 31, 2025), now over $1.07 billion due to market recovery - *Revenue Miss:* $19.34 billion in Q1 2025 revenue, 9.2% decrease from previous year - *Net Income:* $409 million, marking an 80.8% drop quarter-on-quarter and a 70.5% decline from Q1 2024 Tesla's decision to hold onto its Bitcoin assets may indicate a long-term outlook, viewing Bitcoin as part of a broader financial strategy. Elon Musk's focus on cryptocurrency and commitment to innovation could redefine the narrative surrounding digital assets in the automotive industry ¹ ² ³.