While it’s not clear what the exact impact on Nvidia might be, new tariffs would raise barriers to trade and would almost certainly cause problems for its supply chain.

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.”

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.