Most analysts on Nvidia’s earnings call focused their questions on the rollout of the AI chip leader’s next-generation Blackwell platform, as well as topics like the company’s margins and supply chain. But there are massive Donald Trump–size questions hanging over the semiconductor industry, and CEO Jensen Huang did field one inquiry about what the President-elect’s return to the Oval Office could mean for the business.
Trump’s calls for worldwide tariffs would presumably affect Nvidia. Despite his general tough-on-China rhetoric, previous comments casting doubt on America’s commitment to help Taiwan defend itself against a potential Chinese invasion have weighed on chip stocks. Taiwan is the home of Nvidia’s preeminent supplier, TSMC.
