Nvidia (NVDA, Financial) is back in the spotlight, jumping nearly 3% at 9.30am today, as chip stocks rebounded Monday on the back of a surprise tariff exemption. The U.S. Customs and Border Protection issued a temporary pass for semiconductors, smartphones, laptops, and related electronics—giving the sector a moment to breathe. Nvidia surged to $110.71 in after-hours trading, following a strong Friday session. AMD (AMD, Financial) and Broadcom (AVGO, Financial) also saw early gains, rising 4% and 1.9%, respectively, at the same time, as investors repositioned around the latest policy signals.
But don't pop the champagne just yet. Commerce Secretary Howard Lutnick warned that this exemption is short-lived, with fresh tariffs targeting the same electronics expected “in the coming months.” And Trump made it loud and clear on Truth Social: semiconductors and the entire electronics supply chain are next in line for national security tariff probes. This adds a thick layer of uncertainty to what was already a shaky macro backdrop—especially for names like Nvidia, which sit at the heart of the AI and hardware boom.
Still, Nvidia CEO Jensen Huang doesn't seem rattled. At the GTC conference, he signaled that the company expects minimal disruption, thanks in part to plans to ramp up domestic production. He also downplayed recession risks, suggesting Nvidia is well-positioned regardless of where the broader economy heads. For now, investors appear to agree—leaning into Nvidia's leadership and resilience, even as clouds gather on the horizon.
