Following President Trump's softened treatment of Huawei during his G-20 meeting with President Xi, semiconductor stocks saw upward momentum across the board.
Trump agreed to loosen restrictions around shipment to Huawei in exchange for China's agreement to buy an undisclosed number of U.S. agricultural goods, including soy beans.
"Nvidia can go much higher. And my reasoning for that is because [Nvidia CEO] Jensen Huang told me without a doubt that the Chinese would approve is incredibly important for the edge of the network purchase of Mellanox, an Israeli company. As long as Huawei was out there, being hounded by our country correctly, I'd had to admit, I think the possibility that deal closing was a minimal. Now I have to believe that that possibility jumps gigantically and therefore if Nvidia gets that Mellanox deal, it goes to 200 in a snap," said Cramer.