Two of the globe's most closely monitored assets – Nvidia and Bitcoin – have rocketed to unprecedented peaks this week, shrugging off mounting concerns over President Trump's fresh tariff salvos targeting the technology sector.
Nvidia on Wednesday became the planet's first corporation to achieve a £2.9 trillion valuation, solidifying its position as the barometer for the artificial intelligence revolution, as reported by .
Simultaneously, Bitcoin soared past $112,000, hitting a fresh annual record as appetite for digital currencies resurged.
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These advances materialise despite, or potentially due to, escalating geopolitical turbulence.
On Monday, Trump enacted an executive directive postponing his proposed 'reciprocal tariffs' until 1st August, affording major trade allies including Japan and South Korea fewer than 30 days to renegotiate arrangements or confront fresh import duties reaching 25 per cent.
Whilst the technology sector sidestepped immediate damage, the respite remains fleeting and has failed to address broader uncertainty now influencing corporate planning and international supply networks.
Big Tech in limbo as policy shifts unsettle investors
"The problem isn't just the tariffs – it's the not knowing," said Bob O'Donnell, president of TECHnalysis Research.
"Firms can't plan around this kind of unpredictability, especially when the numbers being thrown around are so big."
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Among the most vulnerable companies are Apple, Samsung and Dell, all dependent on production centres in nations now facing potential new levies. Meanwhile, US semiconductor companies are preparing for potential tariffs linked to an ongoing Commerce Department investigation into chip imports, a move that could increase prices and impact consumer demand.
Despite this, Nvidia continues to excel. The chip manufacturer now contributes to more than 7 per cent of the S&P 500's performance this year, and nearly a quarter of the Nasdaq 100's total gains.
Analysts suggest that such market concentration is becoming increasingly hard to overlook.
"In the S&P 500, Nvidia alone has driven 142 basis points of the total return this year," said Gabriel Debach, market analyst at eToro. "It's no longer just a tech story, Nvidia is shaping the direction of entire indices."
Bitcoin's rally has also taken some market observers by surprise. After falling below $100,000 in June, the world's largest cryptocurrency has increased by more than 20 per cent year-to-date.
Some analysts believe that growing institutional interest and ongoing speculation about potential government adoption – including a proposed U.S. strategic reserve – are helping to drive the rally.
According to Coinglass, nearly $340m in short positions were liquidated around the time of Bitcoin's latest upward move, suggesting traders were caught unprepared.
Investors remain cautious despite momentum
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"Investors have largely brushed aside the latest tariff noise, but there's a risk they're underpricing the longer-term impact", said Matt Britzman, senior equity analyst at Hargreaves Lansdown.
"We haven't yet seen these levies feed through into corporate earnings, and that's going to be the real test."
He noted that whilst Nvidia continues to appeal to investors – valued at 32 times projected earnings despite remarkable expansion – any indication of squeezed margins or weakening demand could rapidly alter market sentiment.
For the time being, both Nvidia and Bitcoin appear shielded from the harshest tariff consequences.
However, with Trump's trade strategy casting a shadow over the industry and the 1st August deadline approaching, the technology surge could be approaching its most challenging examination to date.