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.

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.

Sources say firms are rushing to buy Nvidia's H20 AI chips, as the company said it planned to resume sales to China.