President-elect Donald Trump promised tariffs for months. In less than two weeks, he can begin to implement them. Investors expect Trump to impose sweeping tariffs on many countries, including potential 60% tariffs on China.

Nvidia (NASDAQ: NVDA) has been among the best-performing stocks of 2024, and it's easy to see why. The company provides the graphics processing units (GPUs) that quickly became the gold standard for powering artificial intelligence (AI) systems.

Nvidia (NASDAQ: NVDA) is a leading supplier of networking hardware and chips for gaming, computing, robotics, and especially data centers, which is where most artificial intelligence (AI) development takes place.

Nvidia's recent stock returns have been nothing short of phenomenal. As AI drives the need for more computing power, quarterly revenue increased by over 1,000% since 2020. Much of that came in the last two years as large tech companies spent heavily to build out data centers needed for AI applications.