Nvidia said in a statement that it is filing applications with the US government to resume H20 sales and that "the US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon.

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.

Nvidia stock spiked on Tuesday. The AI chip titan said it had received assurances from the administration that it can resume sales of key AI chips to China.