Nvidia stock is on a roll in the run up to its earnings report next week. The next piece of news that could grab investors’ attention is around its would-be rivalIntel. 

Nvidia chips are the favored choice for training artificial-intelligence models.

Nvidia shares fell 0.3% in after-hours trading on Friday to $138.48, after rising 2.6% during the trading session. U.S. stock markets are closed on Monday for Presidents Day. 

The stock has recouped the majority of its losses since dropping to a low of $116 after Chinese firm DeepSeek demonstrated a low-cost artificial-intelligence model, casting doubt on aggressive investment in AI chips. A series of big spending commitments from U.S. technology companies has helped dispel that concern. 

The next biggest potential threat on the table has arguably been President Donald Trump’s proposal to put tariffs on semiconductor imports from Taiwan. That would be a headache for Nvidia, which relies on Taiwan Semiconductor Manufacturing, or TSMC, to make its most advanced chips. 

However, that threat could be lessened. The Trump administration has asked TSMC to explore taking over some or all of Intel’s chips plants, according to a report from The Wall Street Journal.

It would be a complicated deal, with talks apparently at the early stage and questions about whether the White House would accept a foreign company having control over much of the U.S.’s chip-manufacturing capacity. However, while TSMC is involved in such negotiations, Trump’s administration is likely to take a cautious approach to chip tariffs and that should be a near-term support for Nvidia.