NEW YORK, Jan 20, 2026, 4:17 PM EST — After-hours
Nvidia Corp (NVDA) shares slipped $8.07, or 4.3%, ending Tuesday at $178.20, hit by fresh tariff concerns stirred up by President Donald Trump. Investors also grew cautious following reports casting doubt on the company’s ability to export its H200 AI chip to China. The stock traded in a range from $177.84 to $182.88 during the session.
The chipmaker has become a crucial barometer for AI investments, where any slump tends to ripple through the semiconductor industry. Traders treat geopolitics and export rules as direct market drivers, not mere background chatter.
All three major U.S. indexes plunged after Trump threatened fresh import tariffs on eight European countries starting Feb 1, with the rate jumping to 25% on June 1 unless the U.S. clinches a deal to buy Greenland. The S&P 500 fell 2.04%, while the Nasdaq slid 2.38%. The VIX, Wall Street’s “fear gauge,” shot up to a two-month high as investors scrambled for safer assets, moving away from equities. Still, Jamie Cox, managing partner at Harris Financial Group, said he’s not seeing clear signs of a broad investor exodus. Ahead are crucial updates: third-quarter U.S. GDP data, January PMI surveys, the Fed’s preferred inflation gauge—the PCE report—and earnings from Intel and Netflix. 1
Taiwan’s Inventec says Nvidia’s H200 AI chip is “stuck on the China side,” according to Inventec President Jack Tsai at a Taipei press briefing. He tied the hold-up to “the political direction” and emphasized the need to follow regulations. The U.S. gave the green light last week to export the chip to China, but with restrictions. Still, Reuters reported Chinese customs told agents the chip isn’t allowed in. The H200 is Nvidia’s second most powerful AI chip. 2
Broadcom fell 5.4%, Microsoft edged down 1.1%, AMD stayed flat, while Intel picked up 3.5% as AI-related stocks tracked the broader market moves.
Morgan Stanley cut its North American IT hardware outlook to “cautious” in a separate call, citing softer enterprise demand and higher component costs. 3
Nvidia also stood out in venture funding news. AI startup Humans& revealed it raised $480 million in a seed round, valuing the company at about $4.48 billion, with Nvidia among the investors. CEO Eric Zelikman said the model aims to “coordinate with people, and other AIs” to boost collaboration. 4
For NVDA, the main question is if clear guidance will emerge on China customs and the details of U.S. export approvals for advanced AI chips. Tariff trends remain critical, with the stock serving as a key barometer for global growth.
The risk is clear. Should the H200 stall or the tariff tensions spiral into a full trade war, investors could start slashing their expectations for near-term data-center demand and pulling back from the sector’s priciest stocks.
Nvidia’s next big event is its Q4 fiscal 2026 earnings report, scheduled for Feb. 25. Investors will zero in on updates about shipments to China, persistent supply chain challenges, and whether customers are still spending as expected heading into 2026. 5
