Nvidia was gaining after key partner Taiwan Semiconductor Manufacturing gave an upbeat outlook on artificial-intelligence processor demand.

Nvidia said it has filed applications to resume selling H20 GPUs in China and has received assurances that licenses will be granted.

Currently, Nvidia accounts for nearly 8 percent of the S&P 500. That’s the highest weighting for a single stock in 45 years, according to Todd Sohn, senior ETF strategist at Strategas Securities. For context, industrials account for 8.7 percent of the index, while healthcare stands at 9.1 percent.

The head of America’s most valuable company delivered what amounted to a love letter to China while visiting Beijing, extolling the country’s technological advances and praising its “best-in-the-world” electric vehicles.

Nvidia Corp.’s Jensen Huang spent months telling everyone what a grave mistake the US was making restricting shipments of artificial intelligence processors to China — with little sign that his argument was swaying anyone.

Shares in Asia are mixed after an update on inflation pulled most U.S. stocks lower, though gains for Nvidia pushed the Nasdaq to another record

US stocks end mixed after June inflation data and mixed earnings pressured the Dow and S&P 500. Nvidia powers Nasdaq to record high.