Consumer Tech News (July 7–July 11): Nvidia Hits $4 Trillion, Japan Tariffs Rattle Markets, Hopes Rise For Trump–Xi Summit

Wall Street watched history unfold as Nvidia Corp. NVDA became the first company to hit a $4 trillion market cap, capping off a week of market-moving headlines.

In a surprising diplomatic turn, U.S. Secretary of State Marco Rubio called recent talks with Chinese Foreign Minister Wang Yi “constructive,” stoking speculation of a Trump–Xi summit possibly taking place later this year.

But optimism met friction as President Donald Trump announced that the United States will impose a 50% tariff on all copper imports starting August 1.

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The decision threatens to disrupt a global supply chain for one of the key inputs for the American industry and a crucial commodity for the green technology transition.

That move, paired with a sweeping 25% tariff on goods from Japan and other Asian countries starting August 1, reignited fears of escalating trade tensions.

Amid the macroeconomic jitters and geopolitical headlines, several companies delivered key corporate updates that kept investors tuned in.

Technology

Nvidia Corporation became the first company ever to reach a $4 trillion market capitalization on Wednesday.

Apple Inc. AAPL has filed an appeal against the €500 million ($586 million) fine imposed by the European Union (EU) over alleged anti-competitive practices on its App Store.

The iPhone maker is expected to join the growing list of smartphone companies with foldable smartphones with a new iPhone Fold expected to launch next year.

Apple’s massive $60+ billion cash pile is once again in the spotlight – and with rivals racing ahead in AI, investors are wondering: is it finally time for Apple to make a bold move?

Intel Corporation INTC announced that it has separated its AI, robotics and biometric business into RealSense, an independent company. Intel also announced that RealSense has secured $50 million in Series A funding.

Meta Platforms, Inc. META has reportedly acquired a minority stake in EssilorLuxottica, the French-Italian eyewear giant behind brands such as Ray-Ban and Oakley.

Microsoft Corporation MSFT reels from sweeping layoffs affecting 9,100 employees, an Xbox executive’s suggestion to use AI chatbots for emotional support has ignited fierce backlash online.

MicroAlgo, Inc. MLGO announced the development of a Grover-based quantum algorithm technology designed to find pure Nash equilibria in graphical games.

ASML Holding N.V. ASML has adjusted its inclusion and diversity targets in the U.S. to align with new regulations from the Trump administration.

Artificial Intelligence

Elon Musk’s artificial intelligence startup xAI has launched Grok 4, positioning it as the world’s most powerful AI model according to benchmarks that show it outperforming OpenAI’s ChatGPT, Google’s Gemini, and Anthropic’s Claude.

OpenAI has finally completed its $6.5 billion acquisition of Jony Ive’s AI hardware startup io Products, officially bringing the former Apple design chief and his team into the fold to build a new generation of AI-native devices.

Automobiles

Ford Motor Company F has announced a recall of more than 850,000 vehicles in the U.S. due to a faulty fuel system component that may cause engines to stall while driving.

Tesla, Inc. TSLA has announced November 6 as the date for the company’s annual shareholder meeting amid mounting pressure from investors who are concerned about Elon Musk’s political ambitions and mounting tensions with President Donald Trump.

Tesla will expand the company’s Robotaxi service to Phoenix, Arizona, as the Robotaxi race in the U.S. heats up.

Nissan Motor Co., Ltd. NSANY has reportedly opened negotiations with Honda Motor Company, Ltd. HMC to produce vehicles for its rival at a U.S. factory. Both companies seek ways to blunt the impact of upcoming U.S. tariffs on Japanese-made autos.

XPeng Inc. XPEV officially opened orders in Europe on Friday for its fully revamped G6 Ultra Smart Coupe SUV and G9 Ultra Smart Premium SUV, marking its latest move towards AI-driven electric mobility.

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