Trump unilaterally escalates trade friction, US stocks encounter "Black Friday", technology giants' market value collectively evaporates 770 billion US dollars.

US President Trump announced on Friday that he will impose an additional 100% tariff on Chinese imports starting November 1, 2025, escalating trade tensions. He also stated that the US will launch export restrictions on "key software" to China on the same day. Currently, tariffs on some Chinese goods in the US are close to 145% on certain items, but have been postponed until November 10 during negotiations for a more extensive trade agreement. Meanwhile, other tariff measures by the US are still being implemented gradually. New tariffs on kitchen and bathroom cabinets came into effect on October 1; tariffs on wood and some wooden products, including furniture, will be implemented on October 14; and the suspension of tariffs on Mexican goods is expected to end early next month. Additionally, the US Supreme Court is expected to hear a lawsuit against Trump's "reciprocal tariffs" policy next month. If the court rules unfavorably, the policy and the tariff revenue it generates may face significant adjustments. Due to the threat of tariff escalation, the US stock market witnessed a decline on Friday. Analysts believe that investors are concerned that trade tensions will weigh on global supply chains and business confidence. Shares of Amazon.com, Inc., NVIDIA Corporation, and Tesla, Inc. all fell by about 5%, with the three companies collectively losing around $770 billion in market value, dragging the Nasdaq index down by 3.56% and the S&P 500 index down by 2.71%, marking their worst single-day performance since April. Chip manufacturer NVIDIA Corporation saw the largest market cap decline on Friday, shrinking by around $229 billion. The company became the first to surpass a market cap of $4.5 trillion at the end of September. NVIDIA Corporation's GPU chips are essential devices for training AI models, with customers including cloud computing giants like Microsoft Corporation, and it is also a key supplier to OpenAI. Demand for OpenAI's products continues to grow rapidly. In September, the company launched the video generation application "Sora 2," while its flagship product, ChatGPT, has surpassed 800 million weekly active users. However, as Microsoft Corporation, the main cloud service partner of OpenAI, needs to expand its data center infrastructure investment to maintain operations, its market cap decreased by around $85 billion on Friday. Amazon.com, Inc. also faced pressure on its stock price during the sell-off, completely wiping out its year-to-date gains, now down about 2% from the beginning of the year. The company competes with Microsoft Corporation in the cloud GPU rental market, but has limited direct business exchanges with OpenAI. Amazon.com, Inc. lost $121 billion in market value in a single day. CEO Andy Jassy stated in an analyst call in July that concerns about the impact of tariffs were exaggerated, "Many reports are wrong, and we cannot predict what will happen next." Electric car manufacturer Tesla, Inc. introduced a low-priced model just on Tuesday, but its stock price still fell, with a market cap decrease of around $71 billion in a single day. The company plans to release its third-quarter financial results on October 22, while Microsoft Corporation will report its earnings the following week, and NVIDIA Corporation will disclose quarterly reports in November. In addition, Alphabet Inc. Class C, the parent company of Alphabet, and Meta, the parent company of Facebook, both fell by about 2% and nearly 4% respectively, indicating a rapid decrease in market risk appetite for the overall technology sector.