The stock market took another hit after President Donald Trump announced sweeping tariffs of 10% or higher on some countries, escalating fears of a global trade war and adding pressure to an already struggling U.

While investors generally are worried about tariffs today, an HSBC analyst is more concerned about Nvidia’s pricing power and the sustainability of AI spending.

Nvidia escaped specific levies but the wider market reaction and fears of Chinese retaliation are set to drag on the shares.