Nvidia and Advanced Micro Devices stocks rose in morning trade on Monday after Reuters reported that three Chinese companies received U.S. approval to purchase advanced AI chips. ZTE Kangxun Telecom and server maker Maginfra were permitted to buy Nvidia's H200 processors, while Zhuhai Hengqin Yunxiang Zhisheng Network Technology was cleared to use AMD chips that rival the H200. The approvals follow similar authorizations granted in May to approximately 10 Chinese firms including Alibaba, Tencent, ByteDance, and JD.com, reflecting ongoing selective policy decisions by the U.S. government regarding advanced chip sales to China.
Nvidia and AMD Stocks Gain in Midday Trade
AMD's stock rose almost 4% in midday trade, while NVDA's stock gained around 3.5% amid a broader market recovery. The tech-heavy Nasdaq 100 outperformed the S&P 500, with the Invesco QQQ Trust Series 1 up over 1% on the day. NVDA's stock remains over 10% below its record high of over $262 seen in May, while AMD is trading around 5% below its record high of over $584 seen last month.
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Retail Sentiment Diverges Between Nvidia and AMD
Retail sentiment on Stocktwits around the two firms diverged sharply. Sentiment around AMD remained in 'bearish' territory over the past day, while sentiment around Nvidia trended in 'extremely bullish' territory as of July 14 at 12:45 p.m. ET.
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China Approvals Represent Significant Revenue Exposure
The approvals show that Nvidia's China exposure continues to be shaped by ongoing policy developments. The U.S. government has allowed the sale of Nvidia's advanced H200 chips to China, but approvals have been selective and sometimes conditional. In an earlier interview with Stocktwits, Michael Parekh, a former Goldman Sachs partner, said Nvidia's reported China revenue does not fully capture its exposure to Chinese AI demand. He estimated that if access normalized, the company could have as much as $10 billion in additional revenue tied to China.
KeyBanc Raises Nvidia Price Target to $330
KeyBanc analyst John Vinh raised the firm's price target on NVDA stock to $330 from $310 and kept an 'Overweight' rating on the shares. The firm said Nvidia's recent trip to Asia reinforced that strong AI data center demand is driving semiconductor momentum through stronger analog bookings, persistent memory shortages, higher DRAM and NAND pricing, tighter supply, and increased production across PCs and flagship smartphones.
FAQ
Which Chinese companies received U.S. approval to buy Nvidia and AMD chips?
ZTE Kangxun Telecom and server maker Maginfra received permission to purchase Nvidia's H200 chips, while Zhuhai Hengqin Yunxiang Zhisheng Network Technology was cleared to use AMD chips that rival the H200, according to a Reuters report.
How did Nvidia and AMD stocks perform after the approval news?
Nvidia's stock gained around 3.5% in midday trade on Monday, while AMD's stock rose almost 4% amid a broader market recovery. The tech-heavy Nasdaq 100 outperformed the S&P 500, with the Invesco QQQ Trust Series 1 up over 1% on the day.
What is KeyBanc's current price target for Nvidia stock?
KeyBanc analyst John Vinh raised the firm's price target on Nvidia stock to $330 from $310 and maintained an 'Overweight' rating on the shares, citing strong AI data center demand driving semiconductor momentum.
