By Liam Mo, Anne Marie Roantree and Che Pan BEIJING/HONG KONG (Reuters) -Chinese firms are scrambling to buy Nvidia H20 artificial intelligence chips, two sources told Reuters, as the company said it plans to resume sales to the mainland days after its CEO met U.

Nvidia is already the world’s most valuable company being one of the biggest beneficiaries of the global artificial intelligence boom.

Huang said his company would likely be able to recover some of its losses but it's unclear how much.

Huang said his understanding was that allowing Nvidia chips into China was part of an exchange with the U.S. for Beijing to release critically needed rare earths.

Nvidia’s CEO Jensen Huang says the technology giant has won approval from the Trump administration to sell its advanced H20 artificial intelligence computer chips to China.

The administration’s move marks a turnabout after the Commerce Department restricted sales of the chip in April, costing Nvidia billions of dollars.