A planned export restriction was reportedly cancelled after Nvidia CEO Jensen Huang attended a $1 million per-head dinner at Mar-a-Lago.

The White House was expected to ban sales of the high-performance AI chip to China. Chinese companies had been stockpiling the chip but now the Trump administration is backing off.

CEO Jensen Huang went to Mar-a-Lago last week, the White House reversed course on Nvidia H20 export restrictions to China,

The stock market got a much-needed spark today when President Trump announced he would pause reciprocal tariffs for 90 days, during which a 10% baseline tariff on imports would apply. The news sent the S&P 500 and Nasdaq Composite surging 9.

Nvidia stock was set to fall below $100 on Friday after China said it would impose a 34% tax on all U.S. goods.

Nvidia ( NVDA 18.34%) stock is soaring in Wednesday's trading. The company's share price was up 14.1% as of 2:10 p.m. ET amid a 7.8% rally for the S&P 500 index and a 10.1% jump for the Nasdaq Composite index.