NVIDIA chief vows to ‘accelerate recovery’ of China sales
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Shares of Nvidia closed at a record $170.70 Tuesday following news the chipmaker expects to resume exports of its advanced H20 GPU to China.
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David Sacks said this would "deprive Huawei of basically having this giant market share in China."
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.
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Nvidia announced it has received the OK to resume selling its pared down H20 chip in China.
Data center operators in China, which use Nvidia’s H20 chips to crunch data for various AI services, have been struggling to find a local alternative that is as good as the U.S. company’s chips.