This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy. Just a few days back, Wall Street was celebrating NVIDIA's "minimal tariff status," with Lynx Equity going so far as to predict that the high-flying stock would promptly return to its recent highs. However, the Trump administration has now upended a material revenue stream for the GPU giant, endangering that rosy scenario in the process. The markets recently breathed a sigh of relief when President Trump conceded to a global import tariff rate of 10 percent for all trading partners of the US barring China. Then, in what unleashed the heretofore scarce animal spirits on Wall Street, Trump went on to temporarily rescind the tariffs imposed on the import of semiconductors and electronic items (including Apple's iPhones) from China, reducing the effective tariff rate on all Chinese imports from 145 percent to 104 percent. Do note that the imports of semiconductors, smartphones, and other electronic items from China currently still remain subject to the fentanyl-related 20 percent tariff. However, it seems Trump's concessionary streak has ended. To wit, NVIDIA has now announced that it expects to incur charges of up to $5.5 billion during its fiscal Q1 2026 (which concludes on the 27th of April) resulting from "inventory, purchase commitments, and related reserves" for the China-specific H20 GPU. For the benefit of those who might not be aware, the H20 is a severely restricted version of the H100 GPU, largely geared towards the Chinese market. However, the Trump administration formally communicated to NVIDIA on the 09th of April that, going forward, the H20 GPU will be subject to an "indefinite" export licensing requirement. Moreover, this restriction also applies to other ICs bearing similar memory and interconnect bandwidth capabilities. Bear in mind that Lynx Equity continues to assert that NVIDIA, "with its AI servers sourcing most components outside the US and assembled by system integrators based in Taiwan, has built a multi-layered strategy to avoid nearly all US tariffs." However, the recent H20-related restrictions might prompt Beijing to retaliate, especially as China now has little to lose. Deal of the Day