George Glover and Adam Clark

Nvidia stock was gyrating between losses and gains Tuesday, after the artificial-intelligence chip maker's had a bad start to the week.

Shares rose .85% to $107.89 in afternoon trading, while the S&P 500 sank 1.38%, near correction territory.

Nvidia plunged 5.1% Monday for its lowest close since Sept. 9. The stock has lost 20% this year so far, tumbling as the market's worries about President Donald Trump's tariffs tank the AI trade. Investors are worried a trade war could spark a flare-up in inflation and drag down growth, which would be likely weigh on demand for Nvidia's chips.

Shareholders will be hoping for a Trump about-turn, which could be the only way to end the recent stock market rout. In particular they would welcome the ruling out of the imposition of tariffs on imports of semiconductors from Taiwan, where Nvidia's most advanced chips are manufactured. Despite a $100 billion U.S. investment pledge from Taiwan Semiconductor Manufacturing, the contract manufacturer for Nvidia, so far Trump has declined to rule out such levies.

In the absence of such a move, Nvidia investors will hoping the market eventually focuses on continued signs of strong demand for its hardware. Oracle said in its earnings report on Monday that the software company is building an AI-training cluster containing 64,000 of Nvidia's GB200 chips.

Write to George Glover at george.glover@dowjones.com and Adam Clark at adam.clark@barrons.com

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March 11, 2025 13:40 ET (17:40 GMT)

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