Nvidia opposes Biden's proposed AI chip export restrictions

Nvidia has criticized a reported plan by the Biden administration to impose new restrictions on AI chip exports. The company argues that such a policy would harm the U.S. economy and benefit adversaries, urging Biden not to act before 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 allowing most of the world to continue importing these chips. Industry groups, including the Information Technology Industry Council, warn that these rules could hinder U.S. companies' ability to compete globally. Nvidia's shares fell over 1% following the news of the potential export curbs.