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.

One analyst boosted his price target on Nvidia’s stock to a level that would imply a $5.7 trillion market cap, with the chip maker seemingly cleared to sell its H20 chip in China again.

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.