Nvidia boss Jensen Huang says U.S. export controls on AI chips have totally missed the mark — with their biggest impact being the erosion of Nvidia's competitive position.

• The curbs, which began in 2022 and were meant to slow down China's progress on artificial intelligence, have instead fueled a surging Chinese industry, Huang said at a news conference in Taiwan early this morning.
• "All in all, the export control was a failure," he said.

📉 The impact: Nvidia's once-dominant position in China has been significantly dented — its market share in the country falling from 95% four years ago to only 50% today, Huang said.

• Since Nvidia's top-tier chips are off the table, Chinese data centers have been switching to homegrown GPUs — something Beijing's been encouraging, the New York Times noted.
• That's created a big opportunity Nvidia's rival, China-based Huawei.

🇨🇳 Flashback: Huang last month called Huawei "one of the most formidable technology companies in the world," arguing that the hole for Nvidia's chips in China has allowed Huawei to make huge progress in AI chip development over the last several years.

🇺🇸 The latest: White House AI adviser Sriram Krishnan responded today in a Bloomberg interview, saying they hear Nvidia's concerns — but don't plan to loosen the restrictions in China.

OpenAI is acquiring the AI hardware startup co-founded by Apple veteran Jony Ive in a push to create a new generation of AI-powered devices.

• The move will place Ive — the Steve Jobs collaborator who masterminded many of Apple's design breakthroughs — in a key creative role for OpenAI, Axios' Ina Fried writes.

Zoom in: OpenAI said it will pay $5 billion in stock for io, in which it already had a stake as part of a collaboration agreement signed last year.

• The deal, slated to close this summer, values io at just under $6.5 billion.

What's next: io's 55 employees will join OpenAI and form a new hardware division to be led by Peter Welinder.

• OpenAI said the first new products from the deal are set to be shown in 2026.

🪙 Bitcoin set a new all-time high today, breaking its record from around the time of the inauguration in January. (Axios)

🛻 Toyota is considering the launch of a compact pickup in the U.S., which would throw it into a growing market for entry-level trucks. (Bloomberg)

🩺 Medtronic is planning to separate its diabetes business into a stand-alone, publicly traded company, freeing the medical devices maker to focus on its more-profitable cardiovascular, neuroscience and medical surgery segments. (WSJ)

Target today missed expectations for Q1 earnings and revenue and cut its full-year sales forecast.

🎯 Zoom in: The retailer's comparable sales fell 3.8% in the first quarter. Over those three months, it saw fewer customers, and those shoppers spent less per visit.

• The company pointed to factors like lower consumer confidence, uncertainty over potential tariffs and customer boycotts after rolling back DEI initiatives in January.
• It lost market share in 20 of the 35 merchandise categories it tracks, CEO Brian Cornell noted on the company's earnings call.

Target announced leadership changes. The company said chief strategy and growth officer Christina Hennington will be leaving — notable, as CNBC reported she'd been widely considered a candidate to succeed Cornell as CEO.

• And the company is putting COO Michael Fiddelke in charge of a new office intended to juice Target's growth.

📉 Market impact: Target shares closed down 5.2%. They're now down 31% for the year.

Go deeper: Target to "offset" majority of tariff impacts, focus on value