Semiconductor stocks plunged for the second straight day as investors weighed the impact of President Donald Trump's tariffs on imports. Nvidia (NVDA) stock was among those hard hit. The Philadelphia Semiconductor Index, known as SOX, dropped to its lowest level since November 2023 on Friday. The SOX includes the 30 largest semiconductor stocks traded in the U.S. ↑ X These Upcoming Earnings Will Be First Tariff Reality Check See All Videos NOW PLAYING These Upcoming Earnings Will Be First Tariff Reality Check The iShares Semiconductor ETF (SOXX), which tracks the SOX index, fell 5% in late morning trades. On Thursday, it cratered 10.1%. Semiconductor stocks tied to the artificial intelligence megatrend also got walloped. Nvidia stock dropped 6% to 95.67 in late morning trades. Earlier in the session, it hit its lowest level since last August. On Thursday, Nvidia stock fell 7.8%. Among other AI-focused chip stocks, Broadcom (AVGO) retreated 6% in recent trades after falling 10.5% on Thursday. Marvell Technology (MRVL) plummeted 9.6% in recent trades Friday after sinking 12% on Thursday. Trump announced his widespread "Liberation Day" trade tariffs late Wednesday. China retaliated by announcing additional tariffs of 34% on U.S. goods. The trade war has sparked fears of a recession. The Trump tariffs could hamstring Big Tech's multibillion-dollar efforts to build AI infrastructure in the U.S., Oppenheimer analyst Rick Schafer said in a client note Friday. And leading the AI race is a key goal of the Trump administration, he said. China's reciprocal tariffs will negatively impact U.S. chipmakers that have the most exposure to the Chinese market, including automakers there, Piper Sandler analyst Harsh Kumar said in a report Friday. Semiconductor stocks with the highest exposure to China, based on last fiscal year results, included Qualcomm (QCOM) at 46% of sales, Marvell at 43% and Semtech (SMTC) at 43%, Kumar said. The Trump tariffs also slammed stocks that make personal computers and consumer electronics, which are big buyers of semiconductors. Analysts are worried that the tariffs will lead to price hikes, which will hurt device sales. Apple (AAPL) and other device makers manufacture many of their products in China. Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks. YOU MAY ALSO LIKE: Trump Tariffs Take Down Apple, PC, Consumer Electronics Stocks Nvidia Blackwell Sets AI Performance Records In Benchmark Tests How To Know It's Time To Sell Your Favorite Stock When To Sell Growth Stocks: This Could Be Your No. 1 Rule Join IBD Live For Stock Ideas Each Morning Before The Open