Nvidia founder and CEO Jensen Huang has been active on the government relations and lobbying front, and now he’s got something big to show for his efforts: the Trump Administration has agreed to lift a ban on selling Nvidia H20 AI chips to China.

Nvidia said it has filed applications to resume selling H20 GPUs in China and has received assurances that licenses will be granted.

In a stunning about-face that has left the tech industry reeling, US President Donald Trump has abruptly lifted export restrictions on H20 AI chips to China—effectively erasing months of stringent semiconductor sanctions overnight.

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

Nvidia has profited enormously from rapid adoption of AI, but the trade rivalry between the U.S. and China has been weighing heavily on the industry.

Jim Cramer believes that Nvidia Corp. (NASDAQ:NVDA) is poised to get a significant boost with the U.S. government assuring licenses for the sale of its H20 chips or general processing units to China,

Dow Jones futures fell slightly overnight, along with S&P 500 futures and Nasdaq futures. United AirlinesUAL reported mixed results late Wednesday. NvidiaNVDA chipmaker Taiwan SemiconductorTSM headline earnings early Thursday with NetflixNFLX due after the close.

The tech giants said they can resume selling high-end semiconductors to China, in what appears to be a major about-face for the Trump administration.