The news: Following the announcement of a 90-day pause on tariffs between the US and China, Big Tech’s Magnificent Seven collectively gained over $800 billion, per CNBC—a massive bounce-back after President Donald Trump announced sweeping tariffs April 2.

• Nvidia, Meta, Tesla, and Amazon saw their stock prices surge past “Liberation Day” levels in the day after the truce.
• Apple, Microsoft, and Alphabet saw more modest gains, but Apple remains below pre-tariff-announcement values.

On Monday, the US and China agreed to halt reciprocal duties for 90 days, cutting tariffs down to 30% on most Chinese goods and 10% on US goods. Negotiations will resume in coming weeks, Treasury Secretary Scott Bessent said.

Ad support: The rollback includes cutting the de minimis tariff on low-cost goods from Chinese and Hong Kong to 54%, down from 120%, reducing losses for Temu and Shein.

• That’s a win for Meta, YouTube, Alphabet and others, which could otherwise see revenues fall if ecommerce giants cut digital ad spending.