Separately, stock in Dutch chip company ASML was falling sharply Wednesday after the company cut its outlook, blaming trade wars and tariffs for lower demand.

Washington has been concerned China could use Nvidia’s chips to get a jump on the U.S. in high-tech fields, particularly when it comes to artificial intelligence.

The Silicon Valley chip giant said the Trump administration, which had shut down its sales to China three months ago, had assured it that licenses for the sales would now be granted.