Nvidia’s claim that its business can sidestep the effects of US controls on the export of semiconductors to China is set to be tested when it publishes quarterly earnings on Tuesday.

Investors have, for now, brushed off fears that Nvidia will suffer after the US tightened restrictions on sales to China of advanced processors that are suitable for developing large artificial intelligence systems. The chipmaker has said the controls would not have a “near-term meaningful impact” on its business.

Since the Biden administration’s announcement in mid-October, Nvidia’s stock market valuation has lost and then regained about $200bn — equivalent to the entire market capitalisation of Intel — hitting an all-time high last week that valued the company at $1.2tn.