Nvidia (NVDA) stock powers through $170 after major China boost

Core Viewpoint - Nvidia has received U.S. approval to resume sales of its H20 AI chip in China, leading to a significant increase in its stock price, marking a new all-time high [1][4]. Group 1: Company Developments - Nvidia's stock closed at $164 but surged to $172 in pre-market trading, reflecting a rise of over 5% [1]. - The H20 chip is designed for high-performance computing and AI applications, which are rapidly growing in China [4]. - Nvidia's CEO Jensen Huang visited Beijing to discuss AI's role in productivity and innovation, confirming plans to resume H20 GPU sales [5]. Group 2: Market Impact - The approval for H20 chip sales comes amid easing trade tensions between the U.S. and China, contributing to Nvidia's stock rally [6]. - Nvidia has become the first company to surpass $4 trillion in market capitalization, partly due to this development [6]. - Analyst Dan Ives described the resumption of sales as a "gamechanger," with the potential to generate over $30 billion in annual revenue for Nvidia [6][7]. Group 3: Future Prospects - Nvidia is planning to launch a China-focused version of its Blackwell RTX Pro 6000 chip as early as September, designed to comply with export restrictions [7].