What happened: Nvidia’s (NVDA) market cap reached a record $5.7 trillion on Thursday as the AI chip heavyweight’s stock surged more than 4% to reach an all-time intraday high.

What’s behind the move: Nvidia shares rallied along with the tech (XLK) sector ahead of the semiconductor giant’s earnings next week.

The jump also came after Reuters reported that the US Commerce Department had cleared about 10 Chinese firms to buy the H200, its second-most powerful chip. The report said the approved Chinese companies including Alibaba (BABA), Tencent (0700.HK), ByteDance and JD.com (JD).

What else you need to know: The report, citing people familiar with the matter, said no deliveries have been made so far, raising uncertainty over potential chip sales between Nvidia and Chinese firms.

In an interview with CNBC on Thursday, Treasury Secretary Scott Bessent said he had no updates to share regarding additional access for Nvidia chips in China.

Nvidia has omitted sales guidance for China from its quarterly results as the US has curbed the chipmaker’s ability to sell its most advanced chips to Chinese firms amid the AI race.

CEO Jensen Huang was a last-minute addition to a group of business leaders traveling with President Trump to China for a summit with Chinese President Xi Jinping.

Nvidia stock has climbed more than 26% year to date. It’s up 70% over the past 12 months.

Ines Ferre is a Senior Business Reporter for Yahoo Finance covering the US stock market, publicly traded companies, and commodities.

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