Nvidia shares rose 2% in premarket trading following reports that the U.S. Commerce Department approved H200 AI chip sales to China. The approval reportedly covers approximately ten Chinese technology companies, including Alibaba and Tencent.
CEO Jensen Huang is currently in Beijing as part of a U.S. trade delegation. His presence has fueled investor optimism about securing access to the Chinese AI market.
Cantor Fitzgerald raised its price target on Nvidia from $300 to $350, citing growth potential. While the U.S. has granted sales approvals, chip deliveries are still pending.