Nvidia (NASDAQ: NVDA) has been one of the hottest stocks in the market since 2023 but has cooled alongside all of the other growth stocks during the latest sell-off. Nvidia has been a top stock because of its involvement in the artificial intelligence (AI) race since its products power much of the training and inference for that technology.

The move to onshore chip manufacturing started long before the latest round of tariffs, but uncertainty around trade makes it more important.