Tech led US stocks on Tuesday as a key consumer inflation print showed inflation accelerated in June, big banks kicked off earnings season, and Nvidia was set to receive a green light for trade with China from the Trump administration.

The Dow Jones index wavered Tuesday after the CPI inflation report. Nvidia stock surged on AI chip sales to China.

David Sacks said this would "deprive Huawei of basically having this giant market share in China."

For strategists at JPMorgan Chase & Co. and Goldman Sachs Group Inc. as well as money managers in Hong Kong and Singapore, an opaque term has suddenly emerged as the catchphrase for deciphering Chinese policy intentions and navigating the stock market.

Nvidia remains the dominant AI chipmaker in the market, but where is the stock headed for the rest of this year and into the next?

Currently, the stocks amount to about $2 trillion in market value. But the leading investment bank has predicted an average growth rate of 13% annually over the next two years for the Prom 10 – hinting that there is ample headroom for China's tech leaders to move into similarly dominant positions as their U.S. counterparts.

Nvidia Corp.’s Jensen Huang spent months telling everyone what a grave mistake the US was making restricting shipments of artificial intelligence processors to China — with little sign that his argument was swaying anyone.