The frosty relations between the U.S. and China adversely affected Nvidia. The new export restrictions meant the company couldn't sell its AI chips earmarked for China, resulting in a $4.5 billion write-off for this unsold inventory in its fiscal first quarter, which ended April 27.

China's Commerce Minister Wang Wentao told Nvidia CEO Jensen Huang on Thursday that he hoped multinational companies, including Nvidia, would provide high-quality and reliable products and services to Chinese customers,

At the Beijing Expo, Jensen Huang also announced plans for a new chip for Chinese clients that is designed for robotics and smart factories.