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Investing.com-- The U.S. has approved several billion dollars worth of NVIDIA Corporation (NASDAQ:NVDA) chip sales to the United Arab Emirates, Bloomberg reported on Thursday, ending months of uncertainty over an investment deal with the Gulf federation would proceed.
The Commerce Department’s Bureau of Industry and Security recently issued export licenses to Nvidia, Bloomberg reported, citing people familiar with the matter.
The licenses were under the terms of a bilateral artificial intelligence agreement signed between the Donald Trump administration and the UAE in May, which had outlined hundreds of thousands of Nvidia chip sales to the region.
In return, the UAE pledged to invest billions of dollars in the United States.
Reports last week said the deal was in limbo due to U.S. concerns over national security risks stemming from the UAE’s proximity to China. This had frustrated several key participants, including Nvidia CEO Jensen Huang.
Approval of the UAE sales present a positive outlook for Nvidia, whose foreign sales garnered increased scrutiny from the Trump administration. The White House has sought to tighten its hold on advanced, U.S.-made AI technology, which it sees as a critical technology.
Sales to China have been a major point of contention, with Nvidia only being cleared to resume some chip sales in the country after Washington and Beijing signed a trade deal earlier this year.