With shares down nearly 20% year to date, Nvidia (NASDAQ: NVDA) had a rough start to 2025. The massive artificial intelligence (AI) chipmaker has proven vulnerable to trade and geopolitical uncertainty during the opening months of the Trump administration,

Despite being one of the winners of the ongoing AI boom, Nvidia’s NVDA “prospects are well understood and largely priced into the stock,” Seaport analyst Jay Goldberg said in the note. The chipmaker’s stock is down 21% so far this year,

Nvidia stock was rising Thursday after major customers Microsoft and Meta Platforms signaled they will continue to spend heavily on artificial-intelligence infrastructure. Nvidia shares were up 4.1% at $113.