Nvidia wipes $265 billion off its value in a single day

Nvidia shares fell about 9% on Monday after President Donald Trump confirmed that tariffs on Canada and Mexico would go into effect Tuesday.

The chipmaker’s shares fell on a bad day for the market. The Dow, of which Nvidia is a component, fell 800 points, or 1.8%, and the Nasdaq Composite dropped more than 3%.

Nvidia shares are now trading at the same price they were in September, before the U.S. presidential election.

The company, which lost its $3 trillion market value, is now worth $2.79 trillion after Monday’s slide knocked another $265 billion off Nvidia’s valuation.

Nvidia has lost more than 13% since the company reported earnings that beat analysts’ estimates across the board, while its revenue rose 78% from a year earlier to $39.33 billion.

During Nvidia’s earnings report, analysts asked about the company’s response to U.S. tariffs. “The tariffs at this point are unknown until we have a better understanding of what the U.S. government’s plan is,” Nvidia CFO Colette Kress told investors. Nvidia’s chips are mostly made in Taiwan, but some of its high-end systems and the entire computer hardware surrounding the chips are made in other regions, including Mexico and the United States. They could be affected by Trump’s 25% tariffs on imports from Mexico and Canada that go into effect today.