Nvidia stock surged over 4% after applying to resume sales of H20 GPUs in China post-US ban. Stock closed at a record high of $170.70. The ban cost Nvidia $2.5 billion in lost sales in Q1. CEO Huang called it “deeply painful.” Nvidia hopes to resume deliveries soon.

Nvidia introduced lower-power AI chips for China to comply with US export controls. The Trump administration banned H20 AI chip sales in April, costing Nvidia billions. Analyst Rasgon doubts many chips can ship in Q2 but projects substantial earnings if sales resume. Nvidia’s stock has hit record highs.

CEO Huang met with Trump before heading to China, where he will hold a media briefing. AMD surged 6% after announcing plans to resume AI chip sales for China, pending US approval. Both Nvidia and AMD face challenges and opportunities in the evolving AI chip market.

Read more at Yahoo Finance: Nvidia stock hits fresh record with AI chipmaker set to resume sales in China after US reversal on ban