Tesla stock’s tumble has hit Musk’s wealth hard, Eli Lilly is doubling down on U.S. factories amid trade threat, and more news to start your day.

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.

Deborah Elms, head of trade policy for the Hinrich Foundation, said: “I do not know anyone who anticipated another 10% tariff against China so soon."

The Trump administration aims to enhance semiconductor restrictions on China, building on Biden's measures to limit Beijing's tech growth. Discussions with Japan and the Netherlands focus on restricting engineers from servicing semiconductor equipment in China.

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.

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.