Nvidia (NVDA) shares gained as much as 5% on Thursday, May 1 despite its chief executive Jensen Huang’s remarks of China being “right behind” the U.S. in artificial intelligence. 

Huang also dubbed Shenzhen-based Huawei “one of the most formidable technology companies in the world” as he discussed the evolving AI landscape with reporters at a tech conference earlier this week. 

Huang’s comments arrive at a time when escalating trade tensions between China and the United States are making NVDA shares trade within a narrow range. 

Amidst macroeconomic uncertainty, the AI stock is currently down nearly 16% versus the start of this year. 

Barclays Remains Bullish on Nvidia Stock

Nvidia shares are finding it difficult to break out of the said range also because the White House recently announced a new licensing requirement for Nvidia to be able to export its H20 chips to China. 

According to the multinational AI behemoth, this new regulation could hurt its earnings by more than $5.5 billion in the first quarter. 

Still, Barclays analysts remain bullish as ever on NVDA shares as “there’s been incremental news flow in recent days regarding Trump administration’s potential desire to re-write AI semiconductor export policy.”

NVDA Is Still Growing at a Fast Pace

Barclays is positive on Nvidia also because the firm’s write-down of remaining China inventory suggests it “no longer plans on servicing the China AI market.”

Therefore, the Trump administration’s export control restrictions “should be less of a risk to its numbers going forward,” the investment firm told clients in a research note. 

Its $155 price target on Nvidia stock signals potential upside of well over 35% from current levels. 

NVDA shares remain attractive also because the AI darling continues to grow at an exciting pace despite near-term challenges. According to Barchart, the chipmaker is expected to grow its earnings by more than 41% to $0.82 cents a share in its current financial quarter. 

Nvidia Remains a Wall Street Favorite in 2025

Investors should note that other Wall Street analysts also remain constructive on Nvidia stock for 2025. 

The consensus rating on NVDA shares currently sits at “Strong Buy” with the mean target of $166 indicating potential upside of more than 45% from here.