Shares of NVIDIA surged on Monday as semiconductor and artificial intelligence stocks attempted to rebound from a tariff-fueled selloff.

Nvidia’s stock price was up nearly 4% in recent trading, leading gains on the Dow Jones Industrial Average. Broadcom, Micron Technology, Lam Research, Applied Materials, and other semiconductor stocks also rose, boosting the PHLX Semiconductor Index (SOX) up about 3%. 

"We are not sure where Nvidia (or anything else) will bottom in the near term," Bernstein analyst Stacy Rasgon wrote in a note to clients Monday. "But we do believe the AI narrative is still real. And once things do settle down (hopefully soon!) the stock at these levels is probably worth a look."

Shares of server maker and Nvidia partner SUPER MICRO COMPUTER INC were up over 10%, leading gains on the S&P 500. Nvidia partner Rigetti Computing saw its shares jump over 11% after it was chosen along with IONQ Inc. and quantum computing companies to participate in a Department of Defense program. Other AI investor favorites, including Palantir Technologies Inc., were higher as well. 

Nvidia stock ends whiplash trading day in the green

Nvidia and other growth-dependent tech stocks saw big sell-offs early in the day as investors reacted to comments from President Trump about the potential for additional tariffs on China. In a message posted to Truth Social, the president threatened to implement an extra 50% tariff on Chinese goods if the country did not eliminate a new 34% import tax that it has implemented in response to a corresponding tariff move from the U.S.

The market then briefly surged on a report that the Trump administration was considering a 90-day pause on new tariff implementations for all countries except for China, but the report could not be verified and was denied by the White House. Despite sell-offs after the substance of the report was denied, stocks were able to regain ground on news that negotiations with some countries on tariffs could be in the works.

What's next for Nvidia?

Macroeconomic uncertainty is making it very difficult to chart Nvidia's outlook. While semiconductors appear to be excluded from new tariffs that are set to go into place, the lack of visibility on economic conditions could cause the company's key customers to cut back on spending. Until investors have a better picture on what to expect on tariffs, inflation, and the global growth outlook, Nvidia stock will likely continue to see high levels of volatility.