At press time on April 2, Nvidia stock (NASDAQ: NVDA) was changing hands at $110.44, after a 2.78% rally on the daily chart marked by strong volume near the end of the trading session.

Wall Street projects significant upside for NVDA stock in the next 12 months, but key technical indicators for the technology sector point to a possible decline, and traders seem to be bracing for tariffs.
Per data retrieved by Finbold from Fintel, on April 1, 52% of Nvidia stock trades were short sales. This represents a significant surge from the 34.47% seen just a day earlier.
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Why Nvidia share price could suffer from Trump’s new tariff package
So, is the spike in Nvidia stock short positions due to tariffs? In short (pun intended), yes.
Later today, the President will announce a new tariff package, which he has dubbed ‘Liberation Day’. Although the particulars are not known yet, a WaPo report has suggested that White House aides have already drafted a solution that would impose 20% duties on almost all imports into the United States.
Earlier still, Treasury Secretary Scott Bessent highlighted that the administration would focus on levying tariffs against the ‘dirty 15’, the 15% of countries that maintain both trade heavily with the U.S. and impose high tariffs on U.S. exports. Taiwan, home of Taiwan Semiconductor Manufacturing Company, which produces a majority of Nvidia’s chips, is one of those countries.
That’s an issue for semiconductor companies — and an issue for Nvidia stock. Trump has also floated a separate idea of a blanket 25% tariff on semiconductor chips — a levy that would increase as time went on.
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