Leading the swing were Apple and Nvidia, both Silicon Valley giants with significant dealings in China, as shares of Apple went from as much as a 4% morning gain to a 2% daily loss by late afternoon, and Nvidia stock turned what was as much as a 3% gain to a 3% daily drop.

US officials are deep into an investigation to find out if Chinese AI startup DeepSeek found a backdoor route to Nvidia’s high-end chips through Singapore, evading American export bans.

U.S. President Donald Trump and the CEO of Nvidia Jensen Huang discussed DeepSeek - the Chinese company whose AI model's performance rocked the tech world - and tightening AI chip exports during their meeting at the White House on Friday,

President Donald Trump met Friday with Nvidia Corp. Chief Executive Officer Jensen Huang at the White House as the US prepares tariffs on semiconductors, weighs the fate of a chip subsidy program and probes whether Chinese AI startup DeepSeek skirted export controls to obtain the company’s products.

Trump says he had a 'good meeting' with Jensen Huang but still plans to tariff foreign-manufactured semiconductors. Tariffs on China and Mexico also go into effect tomorrow.