Nvidia CEO Jensen Huang praised China's AI models a day after the U.S. chipmaker said it expected to resume sales of a key product to China. "More than 1.5 million developers in China build on Nvidia today to bring their innovations to life," he said.

BEIJING: Nvidia CEO Jensen Huang called China's open-source artificial intelligence a "catalyst for global progress" and hailed the country's innovation in the sector as he addressed an expo in Beijing on Wednesday (Jul 16).

The approvals mark a major reversal after April’s sweeping restrictions, imposed by the Trump administration, barred companies from selling certain advanced semiconductors to China. Those rules left Nvidia facing a $4.5 billion inventory write-down, as it had no alternative buyers for its H20 chips.

Nvidia said in a statement that it is filing applications with the US government to resume H20 sales and that "the US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon.

Now, let's consider Jensen Huang's recent move. The CEO sold shares of Nvidia from July 8 through July 10, and that follows a sale of shares from June 18 through June 23.

CNBC’s Deirdre Bosa joins 'Money Movers' to discuss Nvidia's win over China users and CEO Jensen Huang's Trump playbook.

Nvidia Corp.’s Jensen Huang spent months telling everyone what a grave mistake the US was making restricting shipments of artificial intelligence processors to China — with little sign that his argument was swaying anyone.

Nebius is currently the best stock that Nvidia owns. The company flew under the radar earlier this year because it was listed on the Nasdaq Stock Exchange just recently (in October) after a nearly three-year hiatus. The Russian tech giant Yandex, which was delisted due to sanctions after Russia invaded Ukraine, formerly owned Nebius' assets.

They don’t need Nvidia’s chips … to build their military,” Jensen Huang said in a CNN interview aired Sunday, days ahead of another trip to China.