Nvidia Corp. shares are trading near their lowest valuation of the artificial intelligence era, but a growing list of perils has investors cautious about taking advantage of the dip.

The latest shock for the chipmaker came after saying last week US authorities have barred it from selling the H20 chip line in China, a move that will cost it billions of dollars. The news added to concerns that spending on AI could be poised to slow, especially as the escalating trade war further clouds overall prospects for economic growth.

“The outlook isn’t as compelling as it was, and you really have to make a lot of assumptions here, about tariffs, China, hyperscalers, the macro,” said Krishna Chintalapalli, portfolio manager and tech sector head at Parnassus Investments. “Because all those things are compounding, the level of uncertainty is much higher than it has been.”

Shares of Nvidia have dropped more than 25% this year, roughly twice the decline of the Nasdaq 100 Index. Chintalapalli views the stock as fairly valued, even with shares trading at 21 times estimated earnings, and well below their long-term average. The valuation is not far from the S&P 500 Index’s multiple of 19. The stock fell as much as 4% in early trading Monday.

That Nvidia only trades at a slight premium to the market is notable given the company’s growth is expected to be dramatically faster, with revenue seen rising 57% in the current year, compared with 4.7% for the S&P. The growth largely reflects how so-called hyperscalers — Microsoft Corp., Alphabet Inc., Amazon.com Inc., and Meta Platforms Inc., which are among Nvidia’s biggest customers — have allocated tens of billions of dollars building out AI infrastructure.

“If you want to buy here, you’re probably betting on hyperscaler demand for AI,” Chintalapalli said. While the intent to spend on AI is there, “they can always slow down on the margins” and “you can’t make a call on the pace of investment, given the macro and tariff issues.”

Nvidia’s share slump and resulting hit to valuation underline the perils the chipmaker faces from a potential slowdown in AI spending and the Trump administration’s attempts to reset global trade relations. Should the trade tensions tip the economy into recession, all bets about future earnings are off, undermining the valuation case. 

Downward Revisions

The analyst consensus for Nvidia’s full-year earnings has dropped 1.5% over the past month, while the view for revenue is down 1.2%, according to data compiled by Bloomberg.

Microsoft has announced plans to pull back on data center projects, and while others such as Alphabet have maintained capital spending plans for the current year, the outlook for 2026 remains uncertain. 

Investors had already been debating the outlook for AI spending, ever since China’s DeepSeek emerged in January, claiming performance that is comparable to US models despite costing less and requiring fewer chips. Still, as tariff talks progress, investors are starting to see that demand for AI gear leaves Nvidia less exposed to trade risks than some of its mega cap peers. 

Bloomberg Intelligence wrote earlier this month that “AI-focused players like Nvidia appear most insulated” from tariffs, while other chipmakers — especially those exposed to end markets like PCs, handsets, autos, and industrials — “will face indirect pressure via demand destruction.”

The tariff situation has been incredibly volatile. A recent reprieve on smartphones, computers and other electronics seemed to have removed an overhang from the shares, though Trump maintained the measure is temporary.

Last week, ASML Holding NV sold off after it reported first-quarter orders that were weaker than expected, and it warned it didn’t know how to quantify the impact of tariffs. Separately, Taiwan Semiconductor Manufacturing Co. affirmed its outlook, suggesting demand for AI-related chips remains strong, although analysts said tariffs are a key question mark.

“Politics will remain part of the investment landscape for the foreseeable future, and the landscape will continue to evolve,” said Daniel Flax, a senior research analyst at Neuberger Berman. “This will impact many companies, including Nvidia, but I think it will continue to execute and innovate, and that will continue to drive growth. I think shares look pretty attractive if you have a 12- or 18-month time horizon.”

Long-Term Bulls

Analysts have stayed broadly positive, as nearly 90% of the firms tracked by Bloomberg recommend buying the stock. Furthermore, with shares trading more than 60% below the average analyst price target, implied returns for the stock are among the highest over the past few years.

Those who are still long-term bulls see the recent weakness as a buying opportunity. 

In the short-term, “the news removes a major overhang — the stock  H20 chipis more attractive today than yesterday,” Ivana Delevska, chief investment officer at SPEAR Invest said Wednesday, after Nvidia’s initial dip on the H20 chip news, adding that in the long-run, Nvidia not having access to the Chinese market would be a negative. 

Shana Sissel agrees that the current valuation marks a good time to buy, especially ahead of the company’s late May earnings report, which she expects will show signs of Chinese customers front-loading purchases in anticipation of tariffs. 

“I think it’s attractive,” she said. “I’m obviously a bull on it. I’ve always liked Nvidia stock.” 

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LYON, France (AP) — Church bells tolled in mourning. Well-wishers flocked into pews. Tributes to Pope Francis poured in from around the world on Monday after the Vatican announced the pontiff’s death at age 88.

The 266th pope was praised for his groundbreaking steps to honor the poor and the vulnerable; seek to end conflicts like those in the Middle East, Ukraine and Africa; protect the environment; and guide the Catholic Church toward greater tolerance of gays and lesbians, among other things. Some critics say he didn’t always go far enough. Others said he went too far.

Many recalled his legacy as the first pope from Latin America, and the first Jesuit to reach the pinnacle of church hierarchy, one who stressed humility over hubris for a Church beset with scandal and indifference.

Here’s a look at some of the global reactions a day after his last public appearance on Easter Sunday to bless thousands of people in St. Peter’s Square.

— U.S. Vice President JD Vance, who met with the pope on Easter Sunday before traveling to India, wrote on social media that his “heart goes out” to the millions of Christians who loved him, and said: “I was happy to see him yesterday, though he was obviously very ill.”

— King Charles III praised the pope for his work on safeguarding the planet, and alluded to their multiple personal meetings — including a private visit on April 10 at the Vatican. “We were greatly moved to have been able to visit him earlier in the month,’’ the King wrote in a statement signed “Charles R.” It was the pope’s first known meeting with a foreign dignitary after he was hospitalized for five weeks with double-pneumonia.

— Church bells tolled in honor of Francis, from the recently reopened Notre Dame Cathedral in Paris to a lone bell at the St. Bartholomew Parish in Bulacan, in the Philippines, that was rung 88 times to signify “the 88 fruitful years of our dear Pope Francis,” the parish wrote on social media.

— Martin Pendergast, secretary of the LGBT Catholics Westminster in London, recalled how Francis looked past sexual orientation and said he wouldn’t judge people who tried to carry out the will of God. “He was the first pope to actually use the word ‘gay,’ so even the way he speaks has been a radical transformation — and some would say a bit of a revolution as well — compared with some of his predecessors,” Pendergast said.

— The Women’s Ordination Conference lamented Francis’ unwillingness to push for the ordination of women. “His repeated ‘closed door’ policy on women’s ordination was painfully incongruous with his otherwise pastoral nature, and for many, a betrayal of the synodal, listening church he championed,” the conference said. “This made him a complicated, frustrating and sometimes heart-breaking figure for many women.”

— President Emmanuel Macron of France, a largely Roman Catholic country, focused on the pope’s impact on the church, writing on social media that “from Buenos Aires to Rome, Pope Francis wanted the Church to bring joy and hope to the poorest. For it to unite humans among themselves, and with nature. May this hope forever outlast him.”

— Italian Premier Giorgia Meloni, one of the few official visitors to see Francis during his recent hospitalization, alluded to the pope’s personal comfort and advice, saying it “never failed me, not even in times of trial and suffering.” She added: “We are saying goodbye to a great man and a great shepherd.”

— Taiwan’s President Lai Ching-te expressed condolences on social media and said people there would “continue to draw inspiration from his lifelong commitment to peace, global solidarity, and caring for those in need.” The Holy See is among Taiwan’s only 12 remaining diplomatic allies while China, which claims self-ruled Taiwan as its own territory, has been poaching others.

— South African President Cyril Ramaphosa noted the pope’s “extraordinary life story” and said “Pope Francis advanced a world view of inclusion, equality and care for marginalized individuals and groups, as well as responsible and sustainable custody of the natural environment.” Africa has seen some of the Catholic Church’s biggest growth in recent years.

— European Commission President Ursula von der Leyen recalled the pontiff as an inspiration for the entire world, not just Christians. “He inspired millions, far beyond the Catholic Church, with his humility and love so pure for the less fortunate,” she said on social media. “My thoughts are with all who feel this profound loss.”

— Israeli President Issac Herzog, whose role is mostly ceremonial, called Francis a man of “deep faith and boundless compassion.” Francis repeatedly criticized Israel’s wartime conduct in Gaza and said allegations of genocide, which Israel has adamantly denied, should be investigated. “I truly hope that his prayers for peace in the Middle East and for the safe return of the hostages will soon be answered,” Herzog said on social media.

— The Palestine Red Crescent offered condolences to Christians, calling the pope “one of the most prominent supporters of justice and human dignity, including his noble stances regarding the suffering of the Palestinian people and their right to freedom and justice.”

— President Abdel Fattah el-Sissi of Egypt, an overwhelmingly Muslim country, said Francis leaves behind “a great human legacy that will remain etched in the conscience of humanity.”

— President Alexander Van der Bellen of Austria recalled how the pope traveled to the Italian island of Lampedusa, a key landing point for migrants seeking to reach Europe, to meet with refugees and commemorate those who died while trying to cross the Mediterranean. The Austrian leader said on social media that the pope’s impact resonated in ways large and small: “He ensured that homeless people near St. Peter’s Square could shower. He criticized dehumanizing words and gestures. That was Pope Francis.”

— President Vladimir Putin of Russia hailed the pope as a “consistent defender of the high values of humanism and justice” and alluded to the pontiff’s efforts to foster interfaith dialogue between the Russian Orthodox and the Roman Catholic Churches. Last year, the pope suggested Ukraine should have the courage to negotiate an end to the war with Russia and not be ashamed to sit at the same table to carry out talks. Critics said that suggested he was siding with Russia. Francis tried to maintain the Vatican’s traditional diplomatic neutrality during the war, but that often was accompanied by apparent sympathy with Russia’s rationale for invading Ukraine — like when he said NATO was “barking at Russia’s door” with its eastward expansion.

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Good morning! Ex-NPR chief talks federal funding, economists are backing Carolina Toha for Chile’s next president, and Land O’Lakes’ CEO is leading one of the most complex issues facing businesses in the Trump era.

– Hard work. Land O’Lakes CEO Beth Ford has long been an advocate for farmers and rural American communities. At the beginning of this year, her advocacy portfolio became even higher-stakes: Just as President Donald Trump took office, Ford took over from Apple CEO Tim Cook as chair of the Business Roundtable’s immigration committee.

While the Trump administration has enacted its immigration policy—including mass-scale deportations and questions of legality that have already reached the Supreme Court—Ford has been working to provide the business community’s perspective on long-term immigration questions.

The Business Roundtable supports Trump’s efforts to secure the U.S.-Mexico border, Ford told me last week. “That’s where the American public is,” she said of the issue. But the highly influential business interest group, whose members also include GM chief Mary Barra, Citi CEO Jane Fraser, and TIAA chief Thasunda Brown Duckett, is preparing to bring other perspectives in front of the Trump administration after it determines its efforts at the border are near-complete. That’s when the group will “be able to provide information from the business community to help them understand the needs of immigration flow in terms of workers that will help build the American economy.” “[We aim to] help them understand where there are potential gaps, whether it be in construction workers or agricultural workers,” Ford says.

Ford took over Land O’Lakes in 2018; the job made her the first openly gay woman to lead a Fortune 500 company. Land O’Lakes is more than 100 years old, structured as a member-owned farmer cooperative. It’s ranked No. 245 on the Fortune 500 with $16.8 billion in revenues.

For the farmers and members who make up Land O’Lakes, immigration is a “primary issue,” Ford says. “If you’re a dairy farmer, that’s a 24/7, 365 business. And it’s very difficult, pumping the manure pits that are broken at 3 in the morning. It’s freezing out there. This is hard work,” she says. “They’ve got to have folks to fix the tractor. Many of them have had people working with them for 20 years who without them, you don’t have a business. You can’t do it without them. They’re grateful for folks who want to do that hard work that many are not willing to do…Some have mentioned to me, ‘I’m really nervous, Beth. I’ve got to have staffing. I’ve got to have labor.'”

Ford says the Trump administration has conveyed a willingness to “do something on farm workers.” Her government affairs team has spent the past several months getting to know the new administration—and, in some cases, waiting for those people to get confirmed or read up to speed on these issues, which range from industry-specific needs to visas and DACA. These discussions reach across the White House, the U.S. Department of Agriculture, Homeland Security, and the Department of Commerce. (Meanwhile, Land O’Lakes is focused on the upcoming tax bill and the impact the expiration of the 199A benefit would have on farmers.)

Ford acknowledges that this work is complicated. “It’s going to be hard—yeah, it might be,” she says. “I sign up for that, because I think it’s so critically important to the economy, not just for agriculture, but for all these businesses.”

Emma Hinchliffe
emma.hinchliffe@fortune.com

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This story was originally featured on Fortune.com