Nvidia (NASDAQ: NVDA) shares surged 4% to close at $170.70 on Tuesday, outpacing broader market indices as investors responded positively to news about graphics processing unit (GPU) exports to China resuming.

Nvidia remains the dominant AI chipmaker in the market, but where is the stock headed for the rest of this year and into the next?

For strategists at JPMorgan Chase & Co. and Goldman Sachs Group Inc. as well as money managers in Hong Kong and Singapore, an opaque term has suddenly emerged as the catchphrase for deciphering Chinese policy intentions and navigating the stock market.

Even with major American brands, a large portion of smartphones, laptops and TVs are overwhelmingly assembled in China, according to Robert Khachatryan, CEO at Freight Right Global Logistics, who highlighted that over the past few years, tariffs on these products raised import costs and squeezed retailers.

Trump’s tariffs and the trade war continue to roil global markets. Follow along for live updates on the latest inflation report, as well as the Dow, S&P 500 and Nasdaq.

Tech led US stocks on Tuesday as a key consumer inflation print showed inflation accelerated in June, big banks kicked off earnings season, and Nvidia was set to receive a green light for trade with China from the Trump administration.

The Dow Jones index wavered Tuesday after the CPI inflation report. Nvidia stock surged on AI chip sales to China.

Gift Nifty was trading around 25,148 level, a discount of nearly 25.5 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.