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Nvidia shares fall 9% on tariff fears

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Nvidia CEO Jensen Huang gives a keynote address at CES 2025, an annual consumer electronics trade show, in Las Vegas, Nevada, on Jan. 6, 2025.

Steve Marcus | Reuters

Nvidia shares fell nearly 9% on Monday after President Donald Trump confirmed that tariffs from Canada and Mexico will go into effect on Tuesday.

The chipmaker’s shares retreated on a bad day for the market. The Dow, of which Nvidia is a component, tumbled 800 points, or 1.8%, and the Nasdaq Composite slid more than 3%.

Nvidia shares are now trading at the same price they were in September, before the U.S. presidential election. The company, having shed its $3 trillion market cap, is worth $2.79 trillion after Monday’s slide knocked another $265 billion off Nvidia’s valuation.

Nvidia is down over 13% since Wednesday, when the company reported earnings that topped analysts’ estimates across the board. The company’s revenue jumped 78% from a year earlier to $39.33 billion.

During Nvidia’s earnings report, analysts asked about the company’s response to U.S. tariffs.

“Tariffs at this point, it’s an unknown until we understand further what the U.S. government’s plan is,” Nvidia finance chief Colette Kress told investors.

Nvidia’s chips are mostly made in Taiwan, but some of its sophisticated systems and full computers surrounding the chips are manufactured in other regions, including Mexico and the U.S. They could be affected by Trump’s 25% duties on imports from Mexico and Canada that go into effect Tuesday.

Separately, Nvidia was scrutinized on Monday for its exports to Singapore, which some analysts see as a waypoint to ship the company’s chips to China and bypass the U.S. export controls. Late last week, Singapore officials detained three people for lying about where U.S.-manufactured servers would end up.

Nvidia officials did say that they would manufacture chips in the new $100 billion expansion of Taiwan Semiconductor Manufacturing facilities in the United States that was announced by Trump on Monday.

Last week, investors were eager to hear what the company’s outlook was for continued AI growth from a handful of massive cloud companies, which comprise about half of Nvidia’s data center revenue. CEO Jensen Huang said that the company had ironed out issues with its latest chips, Blackwell.

“We’re going to have a good quarter next quarter,” Huang told CNBC last week. “And we’ve got a fairly good pipeline of demand for Blackwell.”

WATCH: Concerns around AI, Nvidia, and tariffs spark latest market sell-off: HSBC strategist