Nvidia is an American company, but the majority of its chips are fabricated offshore by Taiwan Semiconductor Manufacturing, so they are technically imported products. However, Trump exempted semiconductors from his "Liberation Day" tariffs on imports, as he understands the importance of keeping the U.S. at the forefront of AI technology.

Stocks are set to kick-off the month of May on a high note, with megacap tech earnings driving solid premarket gains.