Nvidia stock bounced back on Tuesday, erasing losses seen earlier in the day.

Following a drop in the morning, Nvidia shares closed up 1.7% on Tuesday at $115.99. The stock fell 8.7% on Monday, closing at its lowest level since Sept. 18.

Shares of chip makers Advanced Micro Devices and Broadcom also rallied, closing up 2.6% and 0.1%, respectively. The iShares Semiconductor exchange-traded fund was up 0.6%.

Meanwhile, some of the market’s most valuable companies still dropped. The Roundhill Magnificent Seven ETF was down 0.5%.

Trade tensions were the immediate trigger for this week’s volatility. President Donald Trump’s tariffs on items from Canada and Mexico took effect Tuesday. The White House also said Trump had signed an executive order raising the tariff on Chinese goods by another 10%.

But the stock had been falling even before these trade moves. The decline started last week despite Nvidia reporting better-than-expected earnings. “NVDA’s performance since then hasn’t been a good omen, as the stock is down over 13% since its report,” said a report from Bespoke Investment Group. “[Nvidia] now looks like it’s breaking down, and yesterday, the stock closed at its lowest level in close to six months.”

If Nvidia falls again, the decline in its market capitalization from the peak of $3.7 trillion, set on Jan. 6, could hit $1 trillion. The stock would need to trade at or below $109 to hit that level, according to Dow Jones Market Data. A quick glance at Nvidia stock’s chart puts the next support level at around $100, or down 14% from recent levels.

Apple currently stands as the largest company with a market cap of $3.58 trillion. Microsoft trails with a market cap of $2.86 trillion, followed by Nvidia’s $2.72 trillion market cap.

On top of the broad tensions, the market looks to be worried about the possibility of further specific limits on chip exports to China. Nvidia could face a complete ban on all artificial intelligence chips being shipped to Chinese customers, at a cost of between $4 billion and $6 billion in revenue for its current fiscal year, Vijay Rakesh of Mizuho said in a research note on Monday.

Still, Wall Street analysts remain optimistic about Nvidia. Of the 68 analysts that cover the stock, 62 say it is a Buy, six say it is a Hold. None rate it at Sell.

Wedbush’s Dan Ives is one of the bulls, with an Outperform rating and $175 price target on the stock.

“This will be an ‘uncomfortable time for growth investors’…but ultimately this is not the time to run for the hills in the tech trade and instead own these tech AI winners,” Ives wrote on Monday.