Nvidia is swinging sharply as the market is roiled by the imposition of tariffs. The chip maker's stock is attracting some bargain hunters, including portfolio manager Cathie Wood.

Nvidia shares were up 2% at $98.4 in premarket trading on Wednesday. The stock fell 1.4% in Tuesday's session.

The stock was moving broadly in step with the wider market as President Donald Trump's sweeping duties, including a 104% tariff on Chinese goods, took effect on Wednesday.

Semiconductors have been excluded from Trump's tariff plans so far, but Nvidia still faces the risk of being caught up in escalating tensions between the U.S. and China. Beijing has threatened to retaliate further, creating concerns it could target American companies with business in China.

Nvidia shares have fallen 28% this year so far through to Tuesday's close. That has attracted some to purchase the stock, including Cathie Wood's flagship ARK Innovation exchange-traded fund, which bought a total of 343,657 shares of Nvidia on Monday and Tuesday.

Wood's ARK Innovation ETF sold out of its position in Nvidia between November 2022 and January 2023, missing out on the majority of gains that propelled it past a $3 trillion market valuation.

Among other chip makers, Advanced Micro Devices was dwon 0.6% and Broadcom was gaining 0.7% in premarket trading.