Plus, a key iPhone maker stays with Vietnam. And Amazon cancels some vendor orders from China. Victoria Craig hosts.
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[00:00:21] Here's your TNB Tech Minute for Wednesday, April 9th. I'm Victoria Craig for The Wall Street Journal. President Trump's decision to pause some tariffs for 90 days sent exuberance through Wall Street today. The tech-heavy Nasdaq surged 12 percent, its biggest percentage gain in nearly 17 years. The Magnificent Seven Group of tech stocks, which includes Apple, Alphabet and Amazon, gained nearly $2 trillion in market value today.
[00:00:48] Two other members of that club also made noteworthy moves. Nvidia recorded the biggest one-day market cap gain for any company on record, while Tesla surged more than 22 percent. Elsewhere, one of Apple's key iPhone makers said today it'll maintain large-scale production in Vietnam and continue exporting devices from there to the U.S. Luxshare Precision Industries said other major clients are also considering moving their production away from China.
[00:01:15] That's as a trade spat between the U.S. and China escalates. Luxshare said Vietnam is poised to meet most of the demand for the finished goods destined for America. Executives said moving manufacturing to the U.S. would be extremely difficult due to cost, workforce availability, and lack of a developed supply chain. That China tariff pressure, meanwhile, is already being felt at Amazon. The e-commerce behemoth has canceled some vendor orders from China. That's according to consultants who work with sellers on the platform.
[00:01:45] Amazon declined to comment directly. Almost half of the company's sales are from products it buys directly from vendors. A former Amazon employee turned consultant said that even before U.S. tariffs on China were announced, Amazon was in the process of canceling contracts with smaller vendors. That's as it moves towards selling more merchandise from third-party independent small businesses on the platform. That model allows Amazon to collect billions of dollars in fees.
[00:02:11] For a deeper dive into what's happening in tech, check out Thursday's Tech News Briefing podcast. While Amazon is making a new podcast. For more information, check out Thursday's Tech News Briefing podcast.