New York, Jan 24, 2026, 06:58 (EST) — Market closed
- Nvidia shares closed Friday roughly 1.5% higher following reports that China might be gearing up to place orders for its H200 AI chip
- Reuters reports CEO Jensen Huang is in Shanghai while Beijing considers allowing the H200 into the country
- Upcoming milestones include the Fed’s decision on Jan. 28 and Nvidia’s earnings report on Feb. 25
Nvidia shares ended Friday at $187.67, gaining 1.5%, following reports that Chinese authorities have directed several top tech companies in the country to get ready to place orders for Nvidia’s H200 AI chip. (Bloomberg)
U.S. markets are closed for the weekend, leaving Nvidia’s Monday open to hinge less on chip demand figures and more on policy cues from Beijing. China has been one of the toughest wildcards in the stock’s recent trading.
The H200 headline is crucial since Nvidia’s investors want clear insight into the next phase of data-center demand—and how political moves might stifle it. Even small regulatory changes can swiftly alter near-term forecasts, particularly for a stock that’s essentially a stand-in for AI-related spending.
Nvidia CEO Jensen Huang is in Shanghai on Saturday for the company’s annual celebrations with its China-based staff, Reuters reported. He is also set to visit Beijing, Shenzhen, and Taiwan. Nvidia is still waiting on Beijing’s decision about whether it can sell the H200 chip to Chinese customers—a move Washington has already approved. Chinese authorities have instructed customs agents that the chip is “not permitted” to enter China, though it’s unclear if this amounts to a formal ban or just a temporary hold. (Reuters)
The H200 ranks among Nvidia’s top-tier “AI accelerators”—chips designed for data centers to train and operate large AI models—and stands as a crucial product for clients expanding computing clusters. That status puts it in the spotlight whenever export restrictions or customs rulings change.
Some investors remain cautious about the China talk. Mizuho trading-desk analyst Jordan Klein noted in a report that “few will assume steady and reliable China [revenue] going forward,” adding the market needs more than headlines before it fully factors China back into forecasts. (Morningstar)
Looking ahead, traders face what Janus Henderson portfolio manager Julian McManus dubbed a “show-me” phase for richly valued tech stocks, where earnings and guidance must prove that AI investments are translating into sustained revenue. Jason Blackwell, chief investment strategist at Focus Partners Wealth, warned that “significant twists and turns” remain likely this year. (Reuters)
Chip stocks diverged heading into the weekend, with Intel tumbling roughly 17% on Friday while Nvidia climbed. The gap raised questions about whether Nvidia can maintain momentum based on its own drivers, rather than riding the sector’s overall mood. (MarketWatch)
Macro factors remain in play. The Federal Reserve’s upcoming policy meeting is set for Jan. 27-28. The rate decision will be announced at 2:00 p.m., followed by Chair Jerome Powell’s remarks at 2:30 p.m. on Jan. 28, per the Fed’s official schedule. (Federal Reserve)
Next week’s big-tech earnings might shift the picture, given that their capital expenditure often fuels demand for Nvidia’s data-center gear. Apple is set to release its fiscal first-quarter results on Thursday, Jan. 29. (Apple Investor Relations)
Nvidia’s next big date is Feb. 25, when it reports quarterly results. Investors will watch closely for insights on supply issues, shifts in customer orders, and whether political uncertainties are starting to weigh on demand. (NVIDIA Investor Relations)
There’s a downside risk. Beijing might maintain tight shipment limits despite firms getting the green light to “prepare” orders. The rules could also impose volume caps or slow down delivery. And if U.S.-China tech tensions flare up again, the stock could quickly fall under pressure once more.
As markets reopen Monday, eyes will be on China for any clear signals from Huang’s trip. Traders will also be testing if last week’s rally can hold, with the Fed meeting on Jan. 28 and Nvidia’s earnings on Feb. 25 coming into sharper focus.
