TLDR

MARKET RECAP → Stocks took a dive on Wednesday as major chip makers fell sharply and Fed Chair Jerome Powell voiced fresh concerns about the economic impact of tariffs.

CHIP TROUBLE DEEPENS →💻 Nvidia (NVDA) and AMD (AMD) warned that new U.S. export controls could cost them a combined $6.3 billion, sending chip stocks tumbling and tech investors straight into panic mode.​

JPMORGAN CHASES (😎) INFINITE GLITCH OFFENDERS → 💼 JPMorgan (JPM) sued dozens of customers who exploited last year’s viral "infinite money glitch," proving once again that if you cash a fake check and flee, the bank will eventually find you—and sue you in state court.

Editor’s Note: A MoneyLion Milestone 🦁 → Last Thursday (April 10, 2025), MoneyLion Inc. stockholders officially approved the proposed acquisition by Gen Digital Inc.—a pivotal moment in our journey. The deal is expected to close tomorrow (April 17, 2025), and we couldn’t be more proud of the incredible global team that made it all possible. Let’s celebrate this milestone together as we begin an exciting new chapter in MoneyLion’s evolution!

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TODAY’S TOP NEWS

Chip Trouble Deepens

💻 Nvidia (NVDA) took a $5.5 billion hit from export restrictions on its China-specific H20 chips, while AMD (AMD) warned of an $800 million loss due to similar curbs. Both flagged the Trump administration’s escalating tariffs as major headwinds to global growth.

📉 ASML added fuel to the fire, missing order expectations and citing demand uncertainty due to U.S.-China trade tensions. Semiconductor stocks plunged across the board, dragging the Nasdaq down over 3%.

📊 The broader tech sector has lost over $1.8 trillion in value since the tariff announcements, with “Magnificent Seven” stocks still reeling despite a partial rebound. Investors now face a volatile mix of policy risk, pricing pressure, and geopolitical whiplash.

TODAY’S TOP NEWS

JPMorgan Chases Infinite Glitch Offenders

🔍 JPMorgan Chase (JPM) ramped up lawsuits against customers who exploited last year’s viral “infinite money glitch,” now targeting smaller claims under $75,000 in state courts. The glitch let users withdraw funds from bounced checks before detection, and the bank is seeking repayment from over 1,000 individuals.

💸 One Georgia suit detailed a customer withdrawing $82,500 from a fake $73,000 check; similar cases have surfaced in New York, Florida, and Texas. JPMorgan said it selected only the clearest cases with the largest sums for litigation to set a precedent.

⚖️ Some fraudsters tried using bankruptcy to dodge repayment, but JPMorgan isn’t letting that slide either. The bank is actively challenging debt discharges in court, making clear that “fraud isn’t a free pass to financial freedom.”

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