Nvidia stock's surge looks poised to accelerate because investors' biggest concern about the company -- losing the Chinese data center AI chip market -- is now a non-issue.

Nvidia took a $4.5 billion write-off in its latest quarter on unsold H20 chips that it was unable to repurpose for other markets. If sales of these high-volume chips to China resume, a reversal of this write-off could boost earnings.

U.S. stock futures were mostly higher early Tuesday after Nvidia said it will restart some chip sales to China, and investors digested a raft of bank earnings ahead of key inflation data on a busy day for markets.