Nvidia was falling after President Donald Trump reiterated his intention to eventually place tariffs on imports of semiconductors.

Wall Street's three main indexes touched two-week highs on Monday, boosted by technology stocks on signs that the Trump administration is taking a measured approach on tariffs against its trading partners.

Stocks rallied Monday as investors digested reports that Trump's April 2 reciprocal tariffs could be less aggressive than expected.

Nvidia's stock no longer trades at a huge premium. It's now priced at 26 times forward earnings, which is cheaper than many of its big tech peers. So, even if Nvidia still grows but falls short of its $1 trillion in revenue goal, then it should still be a successful investment, as it's not starting off with an unrealistic valuation.

The broader market would have to cooperate, and the AI narrative would have to return for, NVDA stock to break above $220 this year. Compared to most other AI stocks right now, NVDA is surprisingly the cheapest of the bunch. It trades at 41 times earnings, while historically, it has traded around 52 times earnings at the median.