Herbert Ong, an investor who has tracked Tesla and Nvidia for years, translated that into a simple investor thesis. Nvidia is “starting at the platform level” and “staying at the platform level,” while Tesla is building “the full AI stack” into its own cars, Ong said in a recent discussion of the CES announcements on his YouTube channel.

China plans to approve some imports of Nvidia Corp.’s H200 chips as soon as this quarter, according to people familiar with the situation, giving the company renewed access to a critical market.