Nvidia stock jumped 4% Tuesday after the AI chipmaker filed to resume sales of its H20 GPUs in China. The US ban had cost Nvidia billions in missed revenue.
In a blog post Monday night, Nvidia said it was applying for export licenses to China. The US government "assured Nvidia that licenses will be granted." The company “hopes to start deliveries soon.”
The stock closed at a record high of $170.70. 
The H20 GPUs are lower-power versions of Nvidia’s Hopper chips tailored for the Chinese market. The Trump administration banned their sales in April, wiping out $2.5 billion in Q1 sales and projecting another $8 billion hit in Q2.
CEO Jensen Huang called the ban “deeply painful” and said Nvidia can’t produce another Hopper chip for China under current rules. China makes up about 13% of Nvidia’s 2025 revenue.
Huang met Trump at the White House last week and is now in Beijing for a media briefing Wednesday — his second visit to China this year.
Bernstein analyst Stacy Rasgon said it’s “unlikely” Nvidia will ship many H20 chips this quarter but expects a “substantial catch-up” if sales resume later in the year.
Rasgon projects Nvidia could add $0.40-$0.50 per share to 2026 earnings if it makes $15-$20 billion in China revenue in H2.
Nvidia’s market cap recently topped $4 trillion, making it the world’s most valuable company.
Rival AMD also jumped 6% Tuesday after announcing it plans to resume sales of banned AI chips to China, pending US approval.
Read more about Nvidia’s stock moves and today’s market action here.
