Tariffs can have the unintended consequences of raising consumer prices and impacting the stock market. Two of the largest contributors to the market's gains in recent years were the consumer tech giant Apple ( AAPL 0.20%) and the artificial intelligence chip king Nvidia ( NVDA -0.02%). Which will be impacted the most by Trump's looming tariffs?

Nvidia has been all the rage among market watches recently, but the company has been around for over 30 years. CEO Jensen Huang was among the founders who initially aimed to develop graphics chips for personal computers.

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.

Artificial intelligence (AI) stocks have soared over the last couple of years as optimism about the technology and its capabilities continues to grow. As most investors know, one of the more notable success stories is Nvidia,

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.