US technology giant Nvidia says it will soon resume sales of its high-end artificial intelligence (AI) chips to China. The US government has assured the firm that it will grant the licenses needed to restart exports to the world's second largest economy, the company said in a blog post.

The administration’s move marks a turnabout after the Commerce Department restricted sales of the chip in April, costing Nvidia billions of dollars. The news came during a visit by Huang to Beijing, where he was meeting senior officials.