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

Wearing his iconic leather jacket, Huang walked into the sunny courtyard of the Mandarin Oriental hotel earlier than scheduled and took multiple questions.

The Nasdaq Composite posted its latest record finish on Tuesday, supported by a jump in shares of heavyweight Nvidia, but the other Wall Street benchmarks ended lower as a key inflation report and a flurry of bank earnings failed to excite investors.

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.

Treasury Secretary Scott Bessent’s comments and news of the resumption of H20 chip sales to China have excited Wall Street.

The S&P 500 was virtually unchanged in midday trading and just a bit below its all-time high, even as more than four out of every five stocks within the index fell.

U.S. stocks are drifting mostly higher following some mixed data on inflation and profits at some of the biggest U.S. banks.