Nvidia criticizes Biden's reported plan for AI chip export restrictions

Nvidia criticized a reported plan by the Biden administration to impose new restrictions on AI chip exports. The company urged Biden not to enact policies that could harm the U.S. economy before President-elect Trump takes office. The proposed restrictions aim to prevent adversaries, particularly China, from accessing advanced AI technology. New regulations could limit the total computing power exported to specific countries while blocking certain U.S. adversaries from importing these chips. Industry groups, including the Information Technology Industry Council, argue that these rules would hinder U.S. companies' ability to compete globally. Nvidia shares fell over 1% following the news of the potential export curbs.