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American chipmaking giant Nvidia says it plans to resume sales to China of an artificial intelligence chip that’s become part of a global race pitting the world’s biggest economies against each other.

That message appears to have resonated in Washington. Nvidia confirmed last week that it had received US government approval to resume H20 sales to China. While Nvidia is poised to benefit financially, US officials say the move also serves national interests.

Nvidia stock's surge looks poised to accelerate because investors' biggest concern about the company -- losing the Chinese data center AI chip market -- is now a non-issue.

NVIDIA Corporation (NASDAQ:NVDA), a world leader in networking and graphics processing, provides GPUs for the AI, gaming, HPC, and other industries. The company’s products span data centers, gaming, professional visualization, and the automotive markets.

David Sacks said this would "deprive Huawei of basically having this giant market share in China."