By Adam Clark
Nvidia was set to slide again Friday after a sharp drop the previous day in the market rout following President Donald Trump's tariff announcement.
Nvidia shares were down 3.6% at $98.19 in premarket trading. It gave up earlier gains after China said Friday it would impose an additional 34% tax on all U.S. goods from April 10.
The stock closed down 7.8% on Thursday. That left it stock at its lowest levels since last summer when there were fears about delays to the rollout of its Blackwell hardware. Some rushed to buy the stock at an apparent discount, with J.P. Morgan reporting retail-investor inflows of $913 million into the name on Thursday.
"Despite a sea of red, retail investors stood firm and not only bought the dip but did so at a historic pace," wrote the bank's analysts.
Chips were exempted from the tariffs but that may not be the end of the story. Products such as semiconductors, pharmaceuticals and lumber will be addressed separately, a senior administration official said.
Truist analyst William Stein said Nvidia should be relatively shielded from a tariff hit because of its key role in artificial-intelligence infrastructure.
"Their AI customers appear to be in a race to develop AI and specifically Artificial General Intelligence $(AGI)$ at (perhaps) any cost, " wrote Stein.
Among other chip makers, Advanced Micro Devices was falling 5.8% and Broadcom was dropping 6% in premarket trading.
Write to Adam Clark at adam.clark@barrons.com
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(END) Dow Jones Newswires
April 04, 2025 07:02 ET (11:02 GMT)
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