During Nvidia's annual GTC Conference, Jensen Huang delivered the keynote address, as shown in a photo by Justin Sullivan/Getty Images. According to Morgan Stanley, Nvidia is well-positioned to navigate through Trump's trade war with minimal impact on its business. The bank stated that the demand for Nvidia's chips remains strong and the company could adjust its supply chain to mitigate any potential effects of tariffs. Morgan Stanley designated Nvidia as its "Top Pick" in the market, citing that the company could fare relatively well in the trade war context. Despite the market turbulence caused by Trump's trade policies, Nvidia stands out favorably due to its chip production not being directly targeted by tariffs in the recent trade negotiations. Even if tariffs are imposed on chips in the future, Morgan Stanley believes that Nvidia would face limited consequences, thanks to its robust chip demand and flexibility in its supply chain. The bank highlighted Nvidia's outstanding performance and positive market reception, especially in the AI segment, where the firm continues to excel. The strong market demand for Nvidia's chips, including the highly sought-after Blackwell chip, has contributed to the company's record revenue growth. Jensen Huang, Nvidia's CEO, emphasized the exceptional demand for Blackwell chips. Morgan Stanley further mentioned that the majority of Nvidia's chip production units are based in North America, potentially exempting them from tariffs under recent trade agreements with neighboring countries like Canada and Mexico.