On April 21, Nvidia's share price hit its lowest point since the dawn of the AI era. Nonetheless, a myriad of risks has caused investors to tread cautiously when considering buying at these depressed levels. The chipmaker recently sustained another major setback, incurring a $5.5 billion charge due to trade restrictions on semiconductors. This news further fueled market anxieties about a possible deceleration in AI spending, while the escalating trade tensions also cast a shadow of uncertainty over economic growth prospects. Krishna Chinthapalli, a portfolio manager and head of the tech sector at Parnassus Investments, noted that the current outlook is notably less optimistic than it once was, requiring investors to make numerous assumptions about tariffs, hyperscalers, and the broader macroeconomic environment. He stressed that the current level of uncertainty, due to the confluence of these factors, is significantly higher than it has been in the past. While Chinthapalli acknowledges that Nvidia's valuation currently appears relatively reasonable, he cautions that investors who choose to buy now are essentially wagering on the continued demand for AI from hyperscalers. Despite the lingering willingness to invest in AI, given the macroeconomic challenges and tariff concerns, the pace of investment may slow slightly and become increasingly difficult to forecast.