The Nasdaq Composite (NASDAQINDEX: ^IXIC) is in correction territory as investors have been dumping growth stocks amid concerns related to tariffs, trade wars, and a potential slowdown in the economy in the months ahead.

The chip maker's shares are down 14% in 2025, tumbling as Donald Trump's tariffs have triggered a rotation out of tech.

What Happened? Shares of leading designer of graphics chips Nvidia (NASDAQ:NVDA) jumped 6.9% in the morning session as markets experienced a boost after data from the Bureau of Labor Statistics revealed that inflation for the month of February 2025 came in better than expected.

However, in addition to its prospects above, Nvidia stock is also surprisingly cheap after the recent pullback. It now trades at a forward price-to-earnings (P/E) ratio of just 24, which is comparable to the S&P 500 's forward P/E of 20.7.