Nvidia stock hits record as US clears H200 China sales

Record high and a jump in market value

Nvidia shares climbed to a record $136.46 on Thursday after reports said Washington cleared exports of its H200 AI chips to roughly 10 Chinese companies. The stock gained about 4% in the session and was trading near $134 at press time in separate market updates. The rally lifted Nvidia’s market capitalization to above $1.5 trillion, with one report placing it at about $1.7 trillion during the day. Another market update put the valuation at more than $1.52 trillion after the move. The advance came alongside a broader tech rally that pushed the S&P 500 and Nasdaq to record intraday highs.

What the Commerce Department approved

Sources cited in a Reuters report said the US Department of Commerce signed off on H200 purchases for around 10 Chinese firms. The cleared buyers include Alibaba, Tencent, ByteDance, and JD.com, according to the reports. Lenovo and Foxconn were also approved to act as distributors, and Lenovo confirmed to Reuters that it received clearance to sell the H200 inside China. Under the license terms, each approved customer can purchase up to 75,000 H200 units. The approvals matter because the H200 is described as Nvidia’s second-most powerful AI accelerator, behind the Blackwell line.

Why the approval is not the same as shipments

Despite the licensing progress, multiple reports said no physical shipments have left the United States and no H200 deliveries have been made so far. Reuters also reported that Beijing is still reviewing the transactions, leaving the outcome uncertain even after the US sign-off. Chinese firms have reportedly pulled back after guidance from authorities in Beijing, and a Reuters-cited source said customers held off following Beijing’s advice. Separately reported US rules also require security guarantees that the chips will not be used for military purposes. In addition, licensed sales remain subject to physical inspection inside US territory before export, adding operational steps before any delivery can occur.

What changed from the October 2023 restrictions

The new licensing decision was described as unwinding October 2023 export controls that effectively shut China out of Nvidia’s most advanced inventory. That matters because China was previously a major market for the company. The reports said the China market once delivered close to $1.0 billion in annual sales for Nvidia. The latest move potentially restores part of Nvidia’s access, but only within the terms of the licensing framework and any additional conditions demanded by regulators.

Conditions: fees, inspections, and review limits

One report said licensed sales carry a 25% revenue duty paid to the US government, and exports remain subject to inspection requirements before leaving the country. A separate Reuters policy update referenced a rule framework that includes third-party testing to confirm technical AI capabilities before shipment. That same report said China-bound sales cannot exceed 50% of the total amount of chips sold to American customers. It also said Nvidia must certify there are enough H200s in the US, and Chinese customers must demonstrate “sufficient security procedures” and cannot use the chips for military purposes. A January rule from the Commerce Department’s Bureau of Industry and Security had earlier opened H200 exports to case-by-case review after a presumption of denial.

How markets reacted beyond Nvidia

The immediate market read-through extended to Chinese tech stocks cited in the coverage. Following the report on approvals, Alibaba rose 8.18%, JD.com gained 7.24%, and Tencent advanced 4.80% in the move described alongside the news. For Nvidia, the rally also extended a record run after it crossed the $1.5 trillion market cap threshold earlier in the week. Separately reported milestones said Nvidia first crossed $1 trillion in July 2025 and reached $1 trillion in late October.

The H200’s role in Nvidia’s product stack

The H200 is framed in the reports as a high-end AI accelerator used to train and deploy AI models. It sits below Nvidia’s newer Blackwell line in capability, but it remains central to the company’s ability to serve large-scale AI workloads under export constraints. The approvals cover buying directly from Nvidia or via authorized distributors such as Lenovo and Foxconn. Even with licenses, Reuters reporting also indicated Nvidia isn’t able to supply H200 chips to Chinese customers who want the hardware for AI projects at this stage, reflecting a gap between licensing and execution.

Key facts at a glance

Timeline of the policy shift and market milestones

What investors will watch next

The next signal for markets is whether the approvals translate into orders and shipments, since reports said no units have left the US so far. Investors will also track how Beijing’s review evolves, given Reuters reporting that Chinese firms paused activity after official guidance. On the US side, the practical impact depends on how inspections, security reviews, and any sales caps are implemented in day-to-day licensing and logistics. Some analyst commentary in the coverage also pointed to higher price targets, including Bank of America’s $120 target (up from $100) and Wells Fargo’s $115 (up from $165) ahead of May 20 earnings.

Conclusion

Nvidia’s record share price move followed reports that the US cleared H200 chip exports to about 10 Chinese firms, reopening a channel that had been constrained since 2023. But the deal remains incomplete, with no reported shipments and Chinese buyers reportedly holding back while Beijing reviews the transactions. The next updates are likely to come from licensing execution, shipment timelines, and any additional regulatory conditions, alongside Nvidia’s upcoming earnings on May 20.