Nvidia stock jumped Tuesday after the AI chipmaker said it was applying to resume sales of its H20 GPUs to China.

JPMorgan stock declined 0.5% in morning trading, while BlackRock tumbled 2%. Citigroup shares moved up 1%, as Wells Fargo stock sold off more than 3% in premarket action.

Nvidia (NASDAQ: NVDA) shares surged 4% to close at $170.70 on Tuesday, outpacing broader market indices as investors responded positively to news about graphics processing unit (GPU) exports to China resuming.

For strategists at JPMorgan Chase & Co. and Goldman Sachs Group Inc. as well as money managers in Hong Kong and Singapore, an opaque term has suddenly emerged as the catchphrase for deciphering Chinese policy intentions and navigating the stock market.

Nvidia remains the dominant AI chipmaker in the market, but where is the stock headed for the rest of this year and into the next?

Even with major American brands, a large portion of smartphones, laptops and TVs are overwhelmingly assembled in China, according to Robert Khachatryan, CEO at Freight Right Global Logistics, who highlighted that over the past few years, tariffs on these products raised import costs and squeezed retailers.

Gift Nifty was trading around 25,148 level, a discount of nearly 25.5 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

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.