Only a few years ago, the Biden administration declared export controls a “new strategic asset” to help the US maintain “as large a lead as possible” over China in advanced technology. President Donald Trump is now upending that approach.

The granting of export licenses for the company’s H20 chips points to a tentative de-escalation in the trade war between Washington and Beijing.

Huang said his company would likely be able to recover some of its losses but it's unclear how much.

Huang is also expected to hold a closed door media event in Beijing later on Wednesday afternoon.

Nvidia NVDA 4.39% notched a political win Monday with the Trump administration’s loosening of restrictions on its chip sales in China.

The U.S.-listed company has said the curbs would cut its revenue by $15 billion.