Around 60% of Nvidia's DGX and HGX AI datacenter servers may completely avoid recent U.S. tariffs, thanks to their production in Mexico. Stacy Rasgon, writing for Bernstein Private Wealth Management and one of the market's top chip analysts, found that the majority of Nvidia's datacenters going to U.S. hyperscalers might just arrive tariff-free.
In a memo sent to Bernstein clients, Rasgon highlighted fears from investors over the oncoming fate of Nvidia, as while semiconductors have been largely exempted from the "Liberation Day" tariff sweep, server hardware has not. "Analysis suggests the majority of [Nvidia's] US AI server shipments likely come from Mexico," writes Rasgon.
