Gold shot past $3,300 for the first time on Wednesday, climbing more than 2% as investors rushed into safe-haven assets following a sharp escalation in U.S.-China trade tensions.

The market moved quickly after Washington slapped steep new tariffs, up to 245%, on Chinese imports. The action came in response to Beijing’s export bans on key chipmaking materials like gallium and germanium. On top of that, the White House launched a national security probe into U.S. dependence on foreign critical minerals.

Nvidia (NASDAQ:NVDA) took a big hit. The chip giant warned it could lose $5.5 billion in revenue from tightened export rules on its AI chips to China. That sent shares down about 6% before the market opened and dragged Nasdaq futures more than 2% lower. The news rattled the entire semiconductor space.

Meanwhile, investors looked for safety. The Dollar Index slipped under 100, while the euro climbed to $1.13 and the yen strengthened to 142 per dollar.

Even Bitcoin wasn’t spared, falling to $83,000, as risk-off sentiment swept through markets. All eyes now turn to upcoming U.S. retail sales data and a speech from Fed Chair Jerome Powell for clues on what’s next.

This article first appeared on GuruFocus.