Nvidia, the semiconductor maker that vies with Apple and Microsoft for the title of world’s most valuable company, advanced early Tuesday after two consecutive days of declines.The shares closed lower Monday before President-elect Donald Trump said he would raise tariffs on China,

The AI chip maker reported a 94 percent increase in revenue but depends on manufacturing plants in Taiwan, which Trump claims “stole our chip business.”

The Dow Jones Industrial Average fell after news that President-elect Trump may impose tariffs on goods from China, Mexico and Canada. Nvidia rose after two days of sharp declines.

Nvidia Corporation's Q3 results are eagerly awaited, with the stock at all-time highs amid AI enthusiasm, but Trump's policies introduce uncertainties. Read more here.

President-elect Donald Trump made raising tariffs on imported goods a tenet of his reelection campaign. And while that could raise prices on everything from jeans to children’s toys for everyday Americans, Trump has also floated the idea of another tariff that could impact Wall Street’s current favorite trade: AI.

Coming into Wednesday trading, Tesla stock was up about 35% since the Nov. 5 presidential election and up about 36% year to date.

The challenge for Nvidia now is living up to the market’s incredibly high expectations for future earnings–Wall Street expects 54% revenue growth in 2025.