Nvidia will ramp up supply of Chinese-compliant H20 chips in the coming months and look to bring more advanced semiconductors to the world's second-largest technology market, Chief Executive Jensen Huang said at an event in Beijing.

Nvidia Corp. boss Jensen Huang anticipates getting the first batch of US licenses to export H20 AI chips to China soon, formally allowing the company to resume sales of a much sought-after component in the world’s top semiconductor arena.

Needham raised its price target on Nvidia's (NVDA) stock to $200 from $160 after the company announced that it hopes to resume sales of its H20 chips to China.