Nvidia has dropped below $100 amid the market rout caused by tariffs but Wall Street analysts see cause for a sharp rebound.

The chip sector could see its best day in 24 years, as beaten-down semiconductor stocks rebound in the face of President Donald Trump’s decision to pause hefty reciprocal tariffs on some countries and instead set the rate at 10% for 90 days.

Nvidia stock is soaring today after President Trump announced a 90-day pause on reciprocal tariffs. With the exception of China, all other countries will see import taxes at a base rate of 10% over the next three months.