Shares of Nvidia Corp. climbed toward the end of trading Wednesday after a report that the Trump administration is not planning to implement artificial-intelligence rules controlling chips shipments that was introduced by the Biden administration.

Nvidia shares rose on Wednesday on a report that the Trump administration plans to revise a set of chip trade restrictions called the "AI diffusion" rule. The chip restrictions were scheduled to take effect on May 15.

Although the global battle for artificial intelligence superiority is only heating up, Jensen Huang-led Nvidia (NVDA) remains the clear star. NVDA shares are up an eye-popping 1,240% in the past five years and the company has seen its market capitalization soar to the gargantuan levels of $2.

China is a very large market. It’s probably going to be a $50 billion market in the next couple or three years," Huang predicted in a TV interview.