American chipmaking giant Nvidia (NVDA) says it plans to resume sales to China of an artificial intelligence chip that’s become part of a global race pitting the world’s biggest economies against each other.

Nvidia's CEO Jensen Huang says the technology giant has won approval from the Trump administration to sell its advanced H20 computer chips used for artificial intelligence to China.

David Sacks said this would "deprive Huawei of basically having this giant market share in China."

Nvidia CEO Jensen Huang said the Trump administration is letting it sell its advanced H20 computer chips to China — a reversal in policy.

The Nasdaq Composite posted its latest record finish on Tuesday, supported by a jump in shares of heavyweight Nvidia, but the other Wall Street benchmarks ended lower as a key inflation report and a flurry of bank earnings failed to excite investors.

Treasury Secretary Scott Bessent’s comments and news of the resumption of H20 chip sales to China have excited Wall Street.