Key Takeaways Shares of Nvidia were down 10% Monday afternoon, falling into bear market territory. The company's latest quarterly financial results raised questions about what was next for the stock—and the AI trade—and uncertainty driven by US trade policy has further concerned investors.

Lee Simpson at Morgan Stanley has set Arm with a bull-case target price of $300 per share. That implies 120% upside from its current share price of $136. Meta Marshall at Morgan Stanley has set Axon with a bull-case target price of $1,150 per share. That implies 135% upside from its current share price of $488.

The Nasdaq fell 2.6% Monday after Trump vowed to implement the Canada and Mexico tariffs, as the tech index is down 8.5% from its all-time high set less than two weeks ago.