Needham raised its price target on Nvidia's (NVDA) stock to $200 from $160 after the company announced that it hopes to resume sales of its H20 chips to China.

Nvidia NVDA.O said on Monday it will resume sales of its H20 artificial intelligence chip to China and has introduced a new model tailored to meet regulatory requirements in the Chinese market.

Similar to Nvidia, AMD is now also poised to restart Chinese sales of its MI308 chips. The California-based company said in a statement that the Commerce Department was moving forward with license applications for these exports to China, and that it plans to resume shipments as those licenses are approved.