US is closer to allowing Nvidia chips to Saudi Arabia

There is a report that the US is closer to allowing Nvidia chips to Saudi Arabia.

Nvidia shares are trading up $4.72 or 4.3% at $112.80.

Moreover shares are back above its 100 day moving average at $111.57.

Shares of SMCI are also rebounding strongly today with a gain of $20.85 or 5.02% to $432.96. Shares were hit hard on reports of accounting irregularities which SMCI denied after their own investigation. Shares moved to a low of $382.80 last week. That is down from $1229 back on March 8. And more recently at $963.30 on July 15.

This article was written by Greg Michalowski at www.forexlive.com.