Lunch Wrap: ASX up as Trump tariffs tossed by court, Nvidia fuels data centre rally

Wall Street’s AI charge and a court blow to Trump’s tariffs lit a fire under global markets, but the ASX held steady.

Trump tariffs blocked by court. Pic: Getty Images

• ASX data centre stocks surge after Nvidia’s earnings

• Trump tariffs blocked by court

• Oil jumps on tariff call

The ASX spent most of Thursday morning stuck in neutral gear, despite a roaring start from US futures.

The ASX 200 swung back and forth before settling higher by midday, up by 0.2%.

Overnight on Wall Street, the vibe was very different.

Nvidia fired up the after-hours circuit, jumping over 5% thanks to a blockbuster earnings print: a 69% surge in Q1 sales as it ramps up production of its next-gen Blackwell chips.

CEO Jensen Huang turned up the volume too, talking up exponential AI demand, fresh investment flowing in from the Middle East, and a thaw in US-China trade tensions.

That was more than enough to jolt Nasdaq futures 1.7% higher this morning.

Market sentiment also turned positive after Federal judges in Oregon ruled Trump's sweeping global tariffs were illegally imposed.

Turns out you can’t just call a trade deficit a national emergency and start slapping on levies.

The judges rejected it outright and Trump is now appealing the decision. But for now, markets are breathing a sigh of relief.

Oil prices got a boost from the ruling. WTI immediately climbed past US$62 a barrel, Brent crude also cruised above US$65.

That mix of bullish tech and tariff relief also spilled over to ASX data centre stocks this morning.

Megaport (ASX:MP1) and DigiCo Infrastructure REIT (ASX:DGT) climbed 2%, and NextDC (ASX:NXT) followed suit, up 1%.

Source: MarketIndex

In large cap news, Champion Iron (ASX:CIA) flexed its muscle, rising 2.1% after posting a 44% jump in quarterly earnings. The EBITDA print of C$127.4m was 50% higher YoY and backed a 10 Canadian cents per share semi-annual dividend.

Woodside Energy Group (ASX:WDS) kept climbing, up another 3% after the Albanese government signed off on extending the life of its North West Shelf gas project to 2070. Two strong sessions in a row for the energy giant.

On the downside, Elders (ASX:ELD) slipped 1% after the ACCC flagged its $475 million play for Delta Agribusiness could crimp competition in rural supply chains.

And ... Resolute Mining (ASX:RSG) got smacked 2% after it said it was chasing clarification from the Guinean government amid reports that some of its permits might be in jeopardy.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for May 29 :

Security	Description	Last	%	Volume	MktCap
EDE	Eden Inv Ltd	0.003	150%	80,138,982	$4,109,881
TM1	Terra Metals Limited	0.037	42%	8,643,506	$10,793,512
IVX	Invion Ltd	0.115	35%	963,243	$7,201,936
MTB	Mount Burgess Mining	0.004	33%	1,000,000	$1,055,108
OB1	Orbminco Limited	0.002	33%	5,000,000	$3,596,352
TEM	Tempest Minerals	0.004	33%	228,000	$2,203,590
RMI	Resource Mining Corp	0.030	30%	6,006,280	$15,304,332
EDU	EDU Holdings Limited	0.260	30%	1,017,540	$30,110,682
TMG	Trigg Minerals Ltd	0.088	28%	41,222,053	$63,747,023
RCL	Readcloud	0.140	27%	112,860	$16,898,174
ENL	Enlitic Inc.	0.030	25%	268,231	$17,313,813
BP8	Bph Global Ltd	0.003	25%	336,421	$2,101,969
RDS	Redstone Resources	0.005	25%	2,118,012	$3,701,514
ROG	Red Sky Energy.	0.005	25%	6,167,424	$21,688,909
COB	Cobalt Blue Ltd	0.068	23%	2,240,911	$24,688,556
VPRDB	Voltgroupltd	0.120	20%	15,266	$16,074,312
EM2	Eagle Mountain	0.006	20%	19,843	$5,675,186
TEG	Triangle Energy Ltd	0.003	20%	2,465,660	$5,223,085
AKN	Auking Mining Ltd	0.007	17%	2,370,782	$3,448,673
AX8	Accelerate Resources	0.007	17%	1,559,649	$4,783,132
LSR	Lodestar Minerals	0.007	17%	357,142	$1,910,543
TMS	Tennant Minerals Ltd	0.007	17%	200,000	$5,735,342
PLC	Premier1 Lithium Ltd	0.011	16%	228,638	$3,496,576
RPG	Raptis Group Limited	0.030	15%	250,000	$4,558,903
PTR	Petratherm Ltd	0.310	15%	1,339,332	$93,315,988

Eden Innovations (ASX:EDE) has captured momentum with its EdenCrete Pz7 concrete additive, a product that makes standard concrete mixes stronger. Over the past three months, sales topped US$567k. In April and May alone, sales were 86% higher than the same quarter last year. Holcim US also ordered US$91k worth of Pz7 for a 22-storey high-rise in Denver, Eden’s first major commercial project.

Invion (ASX:IVX) just got the thumbs-up from the safety committee after treating the first six patients in its skin cancer trial. There are early signs the drug is shrinking tumours after one dose. INV043 also makes cancer cells glow under violet light, hinting it could double as a diagnostic tool. Invion is now gearing up for a second study with Peter Mac, combining the treatment with immunotherapy.

Trigg Minerals (ASX:TMG) has kicked off its first exploration campaign at Antimony Canyon in Utah, a site with a rich mining history but no modern exploration. The team is targeting old antimony mines and scouting spots for a potential smelter as part of its push to become a US-based supplier of critical minerals. Trigg said it’s in talks with US agencies about federal funding.

Almond grower Select Harvests (ASX:SHV) is back in profit territory, swinging from a $2.4 million loss to a $28.7 million net profit in the half. Earnings more than tripled to $60.7 million. Debt came down, cash flow turned positive, and the company reckons demand’s still strong. No interim dividend this time, but the crop’s clearly ripening.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for May 29 :

Code	Name	Price	% Change	Volume	Market Cap
MOM	Moab Minerals Ltd	0.001	-33%	500,000	$2,600,499
RLL	Rapid Lithium Ltd	0.002	-33%	147,966	$3,734,834
CTQ	Careteq Limited	0.009	-31%	1,344,453	$3,082,543
GMN	Gold Mountain Ltd	0.002	-25%	239,339	$10,267,776
MGU	Magnum Mining & Exp	0.007	-22%	100,000	$10,094,858
NPM	Newpeak Metals	0.011	-21%	317,020	$4,509,004
TGH	Terragen	0.024	-20%	415,001	$15,150,515
AAU	Antilles Gold Ltd	0.004	-20%	177,945	$10,631,838
AQX	Alice Queen Ltd	0.004	-20%	12,800,280	$5,734,450
BYH	Bryah Resources Ltd	0.004	-20%	598,062	$4,349,768
CR9	Corellares	0.002	-20%	1,500	$2,514,016
ERA	Energy Resources	0.002	-20%	1,273,540	$1,013,490,602
JAV	Javelin Minerals Ltd	0.002	-20%	97,024,174	$15,115,373
PRX	Prodigy Gold NL	0.002	-20%	13,334	$7,937,639
SHP	South Harz Potash	0.004	-20%	41,501	$5,513,644
OLL	Openlearning	0.015	-17%	99,553	$8,688,144
EPM	Eclipse Metals	0.005	-17%	1,100,000	$17,194,914
GLL	Galilee Energy Ltd	0.005	-17%	7,500	$4,243,157
LU7	Lithium Universe Ltd	0.005	-17%	302,360	$4,715,878
NES	Nelson Resources.	0.003	-17%	80,000	$6,515,783
OVT	Ovanti Limited	0.003	-17%	1,956,528	$8,380,545
RC1	Redcastle Resources	0.005	-17%	2,856,728	$4,461,401
CDE	Codeifai Limited	0.006	-14%	262,000	$2,282,222
EMT	Emetals Limited	0.003	-14%	1,849,999	$2,975,000
FGH	Foresta Group	0.006	-14%	6,741,238	$18,570,345

IN CASE YOU MISSED IT

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This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Lunch Wrap: ASX up as Trump tariffs tossed by court, Nvidia fuels data centre rally