Nvidia stock remains in focus on hopes that the chipmaker will soon resume business in China. Needham raised its price target on NVDA shares to $200 on Wednesday.

Nvidia will ramp up supply of Chinese-compliant H20 chips in the coming months and look to bring more advanced semiconductors to the world's second-largest technology market, Chief Executive Jensen Huang said at an event in Beijing.

Nvidia chief Jensen Huang said it would “accelerate the recovery” of its China sales, after a détente between Beijing and Washington allowed the leading AI chipmaker to resume shipments of a key processor specifically designed for the Chinese market.