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) highlighted opportunities to advance generative artificial intelligence across an array of industries, including enterprise, robotics and auto, at the Consumer Electronics Show this week in Las Vegas,

AI should serve as a key tailwind for all the Magnificent Seven stocks. Some of them could be winners in quantum computing as well, notably including Amazon, Microsoft, and Nvidia. Amazon, Nvidia, and Tesla are focusing on the robotaxi market in different ways.

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.