Nvidia stock was headed lower Monday, closing out a rough quarter for the semiconductor maker after its shares more than doubled in 2024.

The disappointing initial public offering from CoreWeave, a rapidly growing artificial intelligence company, was one thing weighing on the stock.

CoreWeave started trading Friday after pricing its shares well below their expected range. The stock then finished the day unchanged -- usually, IPOs are priced so that shares rise on the first day as a reward for early investors. All of CoreWeave's revenue comes from cloud rental of AI servers powered by Nvidia chips.

It reflects growing concern that the excitement over AI's potential to lift company earnings may be overdone. Nvidia has been perhaps the biggest beneficiary of AI hype over the past few years as investors rushed to bet that the company's chips would be in high demand.

There was also a broader market gloom after President Donald Trump's team was reported to be considering even higher tariffs ahead of a Wednesday deadline on the new levies. Stocks were slumping worldwide on worries the move might hurt the economy. Futures for the technology-heavy Nasdaq index were down 1.2% before the market opened.

Nvidia retreated 3.7% to $106 in Monday's premarket. As of Friday's close, it had declined 18% since the start of this year. CoreWeave shares were also headed lower, down 2.3% before the market opened.

Other chip stocks also struggled. American depositary receipts for Taiwan Semiconductor Manufacturing were down 2.4%, while ADRs for Dutch firm ASML fell 2.9%. Intel fell 1.4%, and Marvell Technology was down 3.6%.