• Markets dropped as Nvidia and the Federal Reserve headlines shook investor confidence.
• Nvidia is anticipating a $5.5 billion hit due to export rules on H20 AI chips to China.
• Tech giants like Amazon, Meta, and Microsoft saw their stock value decline.

Markets sank sharply on Wednesday after back-to-back tariff-related headlines from Nvidia and the Federal Reserve rattled investor confidence.

The sell-off started after a disclosure on Tuesday evening after markets closed from Nvidia, which warned of a $5.5 billion hit due to export rules on H20 AI chips developed for the Chinese market.

Nvidia appears to be caught in the increasing tension over tariffs between the US and China.

Stock losses deepened after Federal Reserve President Jerome Powell cautioned that renewed tariffs under the Trump administration could create a "challenging scenario" for the economy. He warned that the Fed's dual mandate — low unemployment and price stability— could be tested if tariffs drive up consumer prices while slowing growth.

Here is how much each of the Magnificent 7 lost on Wednesday — and since Trump's inauguration — at market closing at 4 p.m. ET, according to Yahoo Finance.

Alphabet

Loss in stock value since January 21: 20.51%

Loss in stock value on April 16: 2%

Alphabet, Google's parent company, took a comparatively smaller loss on Wednesday but still saw about one-fifth of its stock value wiped out since Trump became president. In February, Nvidia replaced Alphabet as Wall Street's third most valuable company.

Alphabet donated $1 million to Trump's inauguration.

Amazon

Loss in stock value since January 21: 22.16%

Loss in stock value on April 16: 2.93%

Amazon, the global e-commerce giant, has lost about one-fifth of its share value since Trump's inauguration and could be hit further by tariffs, especially the up to 245% in duties imposed on China.

Amazon donated $1 million to Trump's inauguration fund, and founder and executive chairman Jeff Bezos attended.

Small businesses selling on Amazon told Business Insider they are struggling to keep their doors open as their already razor-thin margins shrink further under tariffs.

Apple

Loss in stock value since January 21: 9.21%

Loss in stock value on April 16: 3.89%

Apple shares briefly rallied on Monday on a surprise tariff exemption on key tech products, but the reprieve was short-lived.

The tech giant is also planning to spend and invest more than $500 billion in the US over the next four years.

Tim Cook, CEO of Apple, personally donated $1 million to Trump's inaugural committee and attended the ceremony.

Meta

Loss in stock value since January 21: 15.40%

Loss in stock value on April 16: 3.68%

Meta, parent company of Facebook and Instagram, is currently facing a blockbuster antitrust trial with the Federal Trade Commission that opened on Monday and is expected to run up to eight weeks.

The tech giant had donated $1 million to Trump's inauguration, and CEO Mark Zuckerberg attended the ceremony.

Microsoft

Loss in stock value since January 21: 9.98%

Loss in stock value on April 16: 3.66%

Microsoft has been rethinking its performance reviews and is mulling another round of job cuts that could come as soon as May, after already having fired "low-performers" in January.

Nvidia

Loss in stock value since January 21: 20.33%

Loss in stock value on April 16: 6.87%

A main character of Wednesday's stock market woes, Nvidia, the chipmaking giant, took a heavy loss in shares and at one point neared a 10% loss before bouncing back toward market close.

The semiconductor maker developed H20 AI chips for China but disclosed Tuesday that new US export restrictions have effectively blocked Nvidia from selling the inventory, which weighed down share values of the broader tech sector.

Tesla

Loss in stock value since January 21: 40.08%

Loss in stock value on April 16: 4.94%

Tesla, the EV giant, had an especially difficult year in terms of sales and share value for reasons that go beyond tariffs or generally low consumer sentiments.

Public backlash over Musk's political involvement and ties to the White House's DOGE office resulted in mass protests and boycotts of Tesla vehicles, and his focus on DOGE made investors question his commitment to the company.

Elon Musk has donated over $260 million to support Trump's return to the White House, along with $12 million toward a failed conservative bid in Wisconsin's Supreme Court race.

• US lawmakers are looking into how DeepSeek may have gotten Nvidia chips despite export controls.
• They also accused DeepSeek of funneling American user data to the Chinese government.
• The lawmakers urged stricter export controls to limit China's AI advancements and data access.

US lawmakers are looking into how advanced Nvidia chips may have gotten into the hands of the Chinese AI company DeepSeek, which they also accused of spying on Americans on behalf of China.

House Representatives released a report on Wednesday that they said "reveals that DeepSeek covertly funnels American user data to the Chinese Communist Party, manipulates information to align with CCP propaganda, and was trained using material unlawfully obtained from US AI models."

The lawmakers — Reps. John Moolenaar, a Republican from Michigan, and Raja Krishnamoorthi, a Democrat from Illinois — said it appeared DeepSeek, which released a powerful AI model that made headlines in January, had used 60,000 chips from Nvidia despite US sanctions limiting the ability of the company to sell some of its hardware to China.

Nvidia is already having a tough week. Its stock fell nearly 7% on Wednesday after the company announced that it had been informed that the Trump administration would require a new license for all accelerated chips shipping to China. The company said it expected a $5.5 billion decrease in earnings due to the Trump administration's tariffs.

DeepSeek and a representative for Moolenaar did not respond to requests for comment from Business Insider about the report.

"DeepSeek isn't just another AI app — it's a weapon in the Chinese Communist Party's arsenal, designed to spy on Americans, steal our technology, and subvert US law," Moolenaar said in a statement, which called DeepSeek a "serious national security threat" to the US.

The lawmakers said Nvidia CEO Jensen Huang directed the design of chips to get around US export controls.

They also sent a letter to Huang requesting lists of customers located in China and Southeast Asia and any communications between Nvidia and DeepSeek.

Nvidia said in a statement to Business Insider that "the US government instructs American business on what they can sell and where — we follow the government's directions to the letter."

The company also said it sells its products to companies worldwide, adding that its reported Singapore revenue indicates the billing addresses of its clients, many of which the company said are subsidiaries of US companies.

"The associated products are shipped to other locations, including the United States and Taiwan, not to China," the statement said.

The lawmakers' report also found it was likely DeepSeek had deployed methods to copy leading AI models from US companies, violating those companies' terms of service.

OpenAI told lawmakers "DeepSeek employees circumvented guardrails in OpenAI's models" to accelerate the development of its own models at a lower cost, according to the report.

OpenAI said in January it was investigating if DeepSeek used the outputs of its AI models to "inappropriately" train its own models.

The report also found that 85% of responses from DeepSeek models purposefully suppress content related to democracy, Taiwan, Hong Kong, and human rights, the statement said.

The recommendations in the report include increasing the effectiveness of US export control policy and further restricting China's ability to develop and deploy advanced AI models by expanding export controls on chips.

They also encourage Congress to consider requiring that chips companies track the eventual user of their products, not just the purchaser.

• My wife and I have both struggled with weight loss over the years.
• We decided to put $5,000 on the line. The money going to the person who lost the most in 3 months.
• One of us dropped 21 pounds and was able to buy the car they always wanted.

Weight loss is one of those things that has put me on a constant rollercoaster throughout my life. I've gained weight, lost it, and regained it again. Keeping the weight off completely has been daunting.

I've listened to experts saying a high-protein breakfast is the most important meal of the day, others who advocate for intermittent fasting or calorie counting, and even purchased healthy curated ready-to-eat meals. Like anyone else, I've struggled to find what works for me and what doesn't. But no matter what I've done through the years, I've never been able to maintain a healthy weight.

A friendly bet with my wife changed everything though, and now I'm down 21 pounds.

A partner with the same struggles

When my wife and I met eight years ago, we were going through similar weight struggles. She spent a lot of time at the gym and complained that she saw little to no results. With her, I felt like I could always be myself, even show my body insecurities without fear of judgment. She understood my constant weight struggles, as I did hers.

Together, we followed the Keto diet to try to eat more healthfully. For the 6 months we committed to it, we didn't enjoy the food combinations that the diet offered and we ended up giving up.

Between trying to maintain a work-life balance and caring for our three kids, it felt like we had minimal time left for self-development. It got to a point where life was so busy that getting even an hour or two to spend at the gym felt luxurious. We knew the only way weight loss would work is if we incorporated it into our 9 to 5 routines.

A $5,000 bet changed everything

I noticed my wife frequently watching what has become known as "SkinnyTok" videos on TikTok. According to her, this content is how some creators give tips on losing weight and maintaining a healthy lifestyle. They also share recipes that are allegedly "nutritious yet delicious." Another creator particularly emphasized the power of walking 10,000 steps a day. I was curious.

My wife, being the most competitive person I know, suggested that we take three months, cook some of the recipes she had been saving, walk 10,000 steps every day, and add in some cardio workouts. As an extra incentive, the person who lost the most weight would receive $5,000 from our joint account to use it however they pleased. I was in!

The shared challenge was fun

Going into this, I knew two things: my wife would do everything she could to beat me and I would enjoy kicking her booty every step of the way. The significant amount of money on the line provided a lot of incentive, and thoughts of how my body would change for the better was what I needed for any extra push.

To prep, we wrote down ten healthy recipes we wanted to try and synced our devices to track each other's health activities. We started the challenge at the beginning of November and set an end date for February 1. Then it was time to let the best man, or woman, win.

Meeting my daily step count meant that I spent most of my time walking to work and running errands, rather than driving. I kept my energy up by drinking a lot of electrolyte-infused water, eating high-protein food that made me full throughout the day, and doubled down on my walking. I set aside an hour in the evenings for workouts I found on YouTube and stayed focused. Before I knew it, I was ahead of the game. I lost 6 pounds the first month

As I expected, my wife was a bit of a sore loser throughout the process. While she mostly stayed on track, she didn't reach her step counts on some days, or had "cheat days" with her meals. She kept me on my toes but I managed to beat her in the challenge and win the cash, $2,500 of which I used to purchase a car I always wanted, the 1994 Ford Taurus SHO, while the rest of the amount remains in a fixed savings account.

Finding accountability

Money provided an added incentive for my wife and I, but I know there's no price tag on how alive you feel when getting your body in shape. A weight loss journey with my partner meant more accountability on both our parts, increased motivation, and better communication.

Although I won the challenge, my wife is equally enjoying numerous health benefits as she continues to track her steps and maintain a cleaner diet while shedding pounds. I've also noticed that she seems more confident in her body. Some days are harder than others but we continue holding each other accountable by setting small, attainable goals.