Microsoft Corp. once again surpassed $4 trillion in valuation, joining artificial intelligence chipmaker Nvidia in the exclusive club that also briefly included Apple on Tuesday. The sky-high valuations highlight the investor frenzy around artificial intelligence.

Earlier in the day, OpenAI said it has reorganized its ownership structure and converted its business into a public benefit corporation after two crucial regulators, the Delaware and California attorneys general, said they would not oppose the plan. It also said has signed a new agreement with its longtime backer Microsoft that gives the software giant a roughly 27% stake in OpenAI’s new for-profit corporation.

The news gave Microsoft’s shares a boost as the stock closed up 2% at $542.07, valuing the technology giant at $4.04 trillion. Microsoft’s valuation previously passed $4 trillion in July, making it the second company after Nvidia to reach the milestone.

Apple’s shares, meanwhile, crossed the $4 trillion line earlier Tuesday before closing up slightly at $269 and a total valuation of $3.99 trillion. Thanks to the iPhone’s success, Apple was the the first publicly traded company to valued at $1 trillion, $2 trillion and eventually, $3 trillion.

LONDON — The CEO of Nvidia, which faces tight restrictions on selling its chips to China amid the U.S.-China battle over trade and tech, said he’s disappointed about the situation.

Jensen Huang said he expects to discuss the issue with President Donald Trump at a state banquet hosted by the British government that they’ll be attending on Wednesday night.

Santa Clara, California-based Nvidia, the world’s most valuable company, is restricted from exporting its most advanced chips, which are in demand for developing artificial intelligence, to China. This week, Beijing regulators also targeted the company, accusing it of antitrust breaches stemming from a 2020 acquisition of an Israeli tech company.

Adding to the problems, the Financial Times reported Wednesday, citing unnamed sources, that China’s internet regulator is banning domestic tech companies from buying an Nvidia chip model tailored for the local market.

Asked about the report at a media briefing in London, Jensen Huang said he didn’t have a reaction, but added, “I think that we could only be in service of a market if the country wants us to be.”

China is the world’s second biggest AI computing market and Nvidia has contributed more than most companies, he said.

“I’m disappointed with what I see, but they have larger agendas to work out, you know, between China and the United States, and I’m understanding of that, and we’re patient about it,” he said.

Huang said the company will continue to be “supportive” of both governments as they “sort through these geopolitical policies”, adding there’s “not very much anxiety there.”

Huang said he hasn’t yet spoken to Trump about the latest developments, “but I’ll see him tonight, and he’ll probably ask me. I’ll probably say something similar.”

The CEO is visiting London at same time as Trump to unveil a flurry of new investments that coincide with the president’s visit, including a deal to supply tens of thousands of its processor chips for data centers that will be part of the U.K. arm of Stargate, a Trump-backed AI infrastructure project led by OpenAI.

TAIPEI, Taiwan — China blasted the U.S. on Monday over moves it alleged harmed Chinese interests, including issuing AI chip export control guidelines, stopping the sale of chip design software to China, and planning to revoke Chinese student visas.

“These practices seriously violate the consensus” reached during trade discussions in Geneva last month, the Commerce Ministry said in a statement.

That referred to a China-U.S. joint statement in which the United States and China agreed to slash their massive recent tariffs, restarting stalled trade between the world’s two biggest economies.

But last month’s de-escalation in President Donald Trump’s trade wars did nothing to resolve underlying differences between Beijing and Washington and Monday’s statement showed how easily such agreements can lead to further turbulence.

The deal lasts 90 days, creating time for U.S. and Chinese negotiators to reach a more substantive agreement. But the pause also leaves tariffs higher than before Trump started ramping them up last month. And businesses and investors must contend with uncertainty about whether the truce will last.

U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop the 145% tax Trump imposed last month to 30%. China agreed to lower its tariff rate on U.S. goods to 10% from 125%.

The Commerce Ministry said China held up its end of the deal, canceling or suspending tariffs and non-tariff measures taken against the U.S. “reciprocal tariffs” following the agreement.

“The United States has unilaterally provoked new economic and trade frictions, exacerbating the uncertainty and instability of bilateral economic and trade relations,” while China has stood by its commitments, the statement said.

It also threatened unspecified retaliation, saying China will “continue to take resolute and forceful measures to safeguard its legitimate rights and interests.”

And in response to recent comments by Trump, it said of the U.S.: “Instead of reflecting on itself, it has turned the tables and unreasonably accused China of violating the consensus, which is seriously contrary to the facts.”

Trump stirred further controversy Friday, saying he will no longer be nice with China on trade, declaring in a social media post that the country had broken an agreement with the United States.

Hours later, Trump said in the Oval Office that he will speak with Chinese President Xi Jinping and “hopefully we’ll work that out,” while still insisting China had violated the agreement.

“The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,” Trump posted. “So much for being Mr. NICE GUY!”

The Trump administration also stepped up the clash with China in other ways last week, announcing that it would start revoking visas for Chinese students studying in the U.S.

U.S. campuses host more than 275,000 students from China.

Both countries are in a race to develop advanced technologies such as artificial intelligence, with Washington seeking to curb China’s access to the most advanced computer chips. China is also seeking to displace the U.S. as the leading power in the Asia-Pacific, including through gaining control over close U.S. partner and leading tech giant Taiwan.