Nvidia stock was sliding on Monday as investors' recession fears overshadowed yet another sign that demand for the artificial-intelligence chip maker's products remains sky-high.

Shares slipped 2% to $110.31 in premarket trading. Futures tracking the benchmark S&P 500 were down 1%.

Nvidia stock is down 16% this year, tumbling as the market struggles to make sense of U.S. President Donald Trump's tariffs. Trump refused to rule out a recession Sunday, sparking fears that his trade policies could drag down growth.

Investors were likely focusing on those comments rather than the news that Nvidia had helped Hon Hai Precision Industry to develop its own large-language AI model. The electronics maker, which is a key supplier to iPhone maker Apple is known as Foxconn internationally. It said Monday that Nvidia supported the development of its FoxBrain AI model through its Taiwan-based supercomputer and technical consulting.