Nvidia warns Biden's chip export restrictions could harm U.S. economy and competitiveness

Nvidia has criticized the Biden administration's upcoming chip export restrictions, claiming they will harm the economy and hinder U.S. competitiveness. The new rules aim to limit sales of AI chips to certain countries while allowing allies full access. The restrictions will categorize nations into tiers, with adversaries facing a complete ban on semiconductor imports. Nvidia argues that these measures are unnecessary and could push countries toward alternative technologies. Nvidia's CEO, Jensen Huang, expressed willingness to collaborate with the incoming Trump administration on AI policy. Nvidia's stock fell by about 2.7% amid these developments.