NVIDIA said on Monday it will resume sales of its H20 artificial intelligence chip to China.

The U.S. chip giant is filing applications with the U.S. government to resume sales of the H20 graphics processing unit (GPU) to China and expects to receive the licenses soon, the company said in a statement. Deliveries are expected to begin shortly thereafter, it added.

"The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon," the company said.

NVIDIA CEO Jensen Huang called it "very good news" when speaking to reporters in Beijing on Tuesday. He is scheduled to attend the third China International Supply Chain Expo on Wednesday.

"We'll start to sell H20s to the Chinese market. I'm looking forward to shipping H20s very soon. I'm very happy with that very good news," said Huang.