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,

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

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.

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Nvidia stock is jumping today following announcements that the Trump administration will allow the company's H20 processor and other hardware to be sold in China. The approval of the export licenses for the company's AI hardware is an unexpected development -- and a big win for CEO Jensen Huang.