New York, January 23, 2026, 09:36 AM ET — Regular session underway.
- Nvidia shares climbed in early trading following reports that Chinese regulators instructed leading tech companies to get ready to order its H200 AI chips
- The shift unfolds amid investor concerns over export-policy risks and the Federal Reserve’s decision looming next week
- Nvidia will release its quarterly earnings on Feb. 25
NVIDIA Corp shares climbed on Friday following a report that Chinese authorities instructed Alibaba, Tencent, and ByteDance to start preparing orders for Nvidia’s H200 AI chips. Investors saw this as a sign of progress toward reopening the crucial Chinese market. The stock gained 0.8% to $184.84, after earlier jumping nearly 3%. 1
This report is significant because Nvidia’s sales in China have been unpredictable, caught in the crossfire of U.S. export restrictions and Beijing’s scrutiny over advanced chip destinations. Traders want something solid—an order, a confirmed shipment date—anything that shifts “maybe” into actual revenue.
The tape was unsettled as chip stocks showed a mixed picture, with Intel slipping on a disappointing outlook. Investors brace for a busy week loaded with earnings reports and a Fed meeting. “Guidance now is more critical than ever,” noted Peter Cardillo, chief market economist at Spartan Capital Securities. 2
Earlier this month, the Trump administration formally approved China-bound H200 sales, but with strings attached: third-party testing before export and caps tied to U.S. sales, per the new rules. Nvidia hailed the regulation as “a thoughtful balance that is great for America.” Seaport Research’s Jay Goldberg, however, dismissed it as “a Band-Aid,” cautioning that enforcing these measures could get tricky. 3
Beijing’s position remains unclear. Nvidia CEO Jensen Huang is set to visit China in late January, coinciding with Lunar New Year festivities, Bloomberg reported earlier this week. The trip aims to help Nvidia regain ground in the Chinese market; the company declined to comment. 4
Still, the downside remains a real risk. That initial approval might hit a wall, Washington could crank up the pressure, and new restrictions could tighten around Chinese buyers—limiting who accesses the chips and how they use them.
The next clear trigger is in Washington, not Santa Clara. The Fed convenes Jan. 27-28, with its policy call set for 2 p.m. ET on Jan. 28, then a press briefing at 2:30 p.m. 5
Next week’s earnings season will put the broader “AI trade” under the microscope. Around 20% of the S&P 500 is set to report, and investors are eager to see AI spending translate into actual profits, not just capital expenditures. “At the end of the day, earnings are the driver,” said Chris Galipeau, senior market strategist at Franklin Templeton. 6
Nvidia’s next key date is Feb. 25, when it’s set to release its fourth-quarter fiscal 2026 results, per the company’s investor calendar. 7
Traders will be closely tracking if “prepare orders” shift into actual purchase orders and if clearer timing on shipments to China comes through. The Fed’s decision on Jan. 28 looms as the immediate challenge, with Nvidia’s update on Feb. 25 set to be the next major event for NVDA.
