You might think that stocks in the artificial intelligence (AI) market are on a roll right now. As of May 6, shares of AI hardware leader Nvidia (NASDAQ: NVDA) had gained 20.3% in 30 days. Tech-heavy portfolios like the Nasdaq Composite (NASDAQINDEX: ^IXIC) market index and the Ark Innovation ETF (NYSEMKT: ARKK) are up by 15.9% and 13.8%, respectively. These are massive single-month leaps, worthy of admiration in a normal economy.
But of course, I’m writing this overview one month after the Trump administration’s “Liberation Day” tariff torrent on April 2. Those massive gains disappear almost completely if I stretch the chart just a couple of days further back: