Nvidia's stock hit a new high after the company struck a deal with the U.S. government to resume the sale of select chips to China.

Nvidia’s stock (NASDAQ: NVDA) took a hit in pre-market trading on Friday, dropping about 1.16% to $180.61. The slide came after news broke that Nvidia agreed to hand over 15% of its AI chip sales revenue from China to the US government,

In an unusual move, two of the world’s largest chipmakers have reportedly agreed to hand over some of their revenues to secure export licenses. In a historically unusual move, two of the world’s largest chipmakers,