David Sacks said this would "deprive Huawei of basically having this giant market share in China."

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According to Nvidia’s latest annual report, China contributed $17 billion in revenue in the fiscal year ending January 26—about 13% of the company’s total sales. The potential return to the Chinese market is seen as vital to Nvidia's global dominance, especially as domestic players like Huawei aggressively court local developers.

One analyst boosted his price target on Nvidia’s stock to a level that would imply a $5.7 trillion market cap, with the chip maker seemingly cleared to sell its H20 chip in China again.

Data center operators in China, which use Nvidia’s H20 chips to crunch data for various AI services, have been struggling to find a local alternative that is as good as the U.S. company’s chips.