Chip stocks jumped after a report the Trump administration could relax export curbs on artificial intelligence chips.

AMD up 4%; SOXL up 3%; Marvell, Intel up 2%; Micron, ASML up 1% on Thursday after a Bloomberg report said President Donald Trump would overturn AI chip export curbs put into place by the Biden administration that were set to go into effect.

Earnings from AMD and Super Micro Computer indicated healthy demand for artificial-intelligence chips, but they also highlighted risks from export restrictions and the transition to new infrastructure.

Nvidia has already disclosed that its first-quarter results will include a $5.5 billion charge associated with inventory and purchase commitments related to the H20 chip for the Chinese market, following the imposition of licensing requirements. Analysts at Jefferies have suggested that will translate to around a $10 billion hit to revenue.

Nvidia CEO Jensen Huang estimated the market in China for AI chips will be $50 billion in a few years, and warned that restriction on semiconductors exports wouldn’t limit Chinese military capacity, in comments late on Tuesday to attendees of the Milken Institute annual meeting.

Elsewhere, AI-server maker Super Micro reported earnings and revenue at the top end of its guided range on Tuesday, but provided disappointing guidance for the current quarter, noting some customers were delaying decisions. Super Micro sells servers that house Nvidia chips, and it said the issue partly related to the transition between Nvidia’s older Hopper hardware and its new Blackwell processors.

“We remain very confident with our midterm and long-term growth. So, especially [the] Blackwell product line, we have very strong demand,” Super Micro CEO Charles Liang told analysts on an earnings call.