Nvidia’s business is still booming—even with the company effectively shut out of one of the world’s largest markets for advanced artificial-intelligence chips. The chip titan has been on a roller-coaster over the past few months after the Trump administration moved to limit sales of chips to the Chinese market and then cleared the way for multibillion-dollar deals for processors in the Middle East.

Nvidia Corp. faces the final test of an earnings season-driven rally that has sent its shares up more than 40% from an April low.