Nvidia’s business is still booming—even with the company effectively shut out of one of the world’s largest markets for advanced artificial-intelligence chips. The chip titan has been on a roller-coaster over the past few months after the Trump administration moved to limit sales of chips to the Chinese market and then cleared the way for multibillion-dollar deals for processors in the Middle East.

WSJ’s Dan Gallagher explains how Nvidia’s quarterly revenue surged to a record $44 billion, despite its inability to ship $2.5 billion of chips due to Chinese market restrictions. Photo Illustration:

China's biggest technology companies have begun the process of switching to homegrown chips as they contend with a dwindling stockpile of Nvidia processors and tightening United States export controls,

Nvidia Corp. Chief Executive Officer Jensen Huang said that Chinese AI rivals are filling the void left by the departure of US companies from that market, and their technology