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 (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.

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.

Nvidia's recent stock returns have been nothing short of phenomenal. As AI drives the need for more computing power, quarterly revenue increased by over 1,000% since 2020. Much of that came in the last two years as large tech companies spent heavily to build out data centers needed for AI applications.