Shares of Advanced Micro Devices Inc. (NASDAQ:AMD) climbed 5% in premarket trading Tuesday after the chipmaker received clearance from the U.S. government to resume exports of its MI308 artificial intelligence chips to China,

Nvidia Corp. and Advanced Micro Devices Inc. plan to resume sales of some AI chips in China after securing Washington’s assurances that such shipments would get approved, a dramatic reversal from the Trump administration’s earlier stance on measures designed to limit Beijing’s AI ambitions.