The Trump administration is having early discussions on whether to allow Nvidia to resume selling its H200 artificial intelligence chips to China, according to sources familiar with the matter. The H200, a graphics processing unit from Nvidia, is estimated to be twice as powerful as its H20 chips.

Even though plans may change, the Commerce Department is currently reviewing a possible shift in its export-control policy, the sources noted. The move marks a major shift from Trump’s earlier stances on semiconductor export controls.

Speaking about US export restrictions on advanced AI chips to China, Nvidia said in a statement that the current regulatory landscape did not allow it to offer a competitive data chip in China, “leaving that massive market to our rapidly growing foreign competitors”.

“Our foreclosure from the China data centre compute market has no impact on our ability to supply customers in the US.”

While a White House official declined to comment, they noted that, “The administration is committed to securing America’s global technology leadership and safeguarding our national security.”

For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. The hedge fund data is as of Q2 2025.

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10. Rivian Automotive, Inc. (NASDAQ:RIVN)

Number of Hedge Fund Holders: 41

Rivian Automotive, Inc. (NASDAQ:RIVN) is one of the 10 Must-Watch AI Stocks on Wall Street. On November 17, Stifel raised its price target on the stock to $17.00 from $16.00, while maintaining a “Buy” rating.

The price target raise follows Rivian’s generally positive third-quarter 2025 results. Stifel is optimistic on RIVN driven by stronger software economics and improved unit costs, as well as a positive long-term outlook.

From stronger software and service profitability and to sharp improvements in vehicle gross loss, the firm discussed several key positives for Rivian. There is also a possibility that upcoming policy changes may reduce tariff impact to only a few hundred dollars per unit.

“ Key positives include: 1. Strong Software and Service revenue and profitability; 2. COGS per unit down ~$2,200 sequentially; 3. Gross profit (loss) per vehicle excluding software & services improved to $(985) from $(3,142) in 2Q25, exceeding our ($2,039) forecast; 4. Noted it can cut cost by about half from R1 to R2; and 5. Once new policies are in place, expects tariff impact of a few hundred dollars per unit compared to several thousand dollars per unit previously.”

Besides software economics and improved unit costs, the firm highlighted how Rivian also plans to host an Autonomy & AI Day on December 11, 2025. Rivian will be hosting this event in order to discuss its product and tech roadmap, as well its AI strategy.

Overall, the firm believes that Rivian’s long-term story remains intact.

“RIVN is also hosting an Autonomy & AI Day December 11, 2025. We believe the long-term story is intact, reiterate our Buy rating, and we’re raising target price to $17 from $16 target price based on our DCF.”

Rivian Automotive, Inc. (NASDAQ:RIVN) is an automaker that creates and manufactures electric vehicles, as well as software and services.

9. Dell Technologies Inc. (NYSE:DELL)

Number of Hedge Fund Holders: 54

Dell Technologies Inc. (NYSE:DELL) is one of the 10 Must-Watch AI Stocks on Wall Street. On November 20, BofA Securities reduced its price target on the stock to $160.00 from $170.00 while maintaining a Buy rating. The price target cut comes ahead of the company’s fiscal third-quarter earnings report scheduled for November 25.

The firm is cautiously positive on Dell, citing near-term margin pressure from rising memory costs. However, it anticipates the company to manage this through pricing and Opex controls.

BofA is particularly concerned about DRAM and NAND pricing, anticipating Dell’s Infrastructure Solutions Group operating margins to fall by 11 basis points in fiscal 2027, and Client Solutions Group margins to witness a more substantial 184 basis point decline.

“Dell reports F3Q26 on 11/25 and the key focus for investors will be margin resilience heading into C26 given immense increases in memory costs. We perform a cost analysis to show the impact DRAM/NAND costs have on Dell’s segments on a GM, OP, and total company basis. Assuming DRAM/NAND price increases in F1q 1, realistic pricing taken by Dell and Opex reductions, we calculate a -129bps, -76bps, -$0.65 to total GM, OM, and EPS in F27E (vs Status Quo) respectively. For ISG, OMs are impacted by -11 bps in F27E and -184bps for CSG margins.”

BofA forecast Dell’s Q3 results to be in-line with guidance and Street estimates, with minimal impact from DRAM/NAND pricing due to timing of inventory. Despite the adjustments, the firm’s Buy rating reflects early-stage AI adoption and tailwinds.

“Our analysis suggests F4Q OMs and EPS are impacted -56bps/-$0.01, as Dell will likely price and reduce Opex to offset memory increases. For F4Q and F26, Dell likely maintains guidance despite cost pressures as Dell typically guides conservatively. Reit. Buy as we are in early stages of AI adoption and tailwinds.”

Dell Technologies Inc. (NYSE:DELL) provides IT solutions, including servers, storage, networking, and personal computing devices, to businesses and consumers worldwide