Nvidia (NASDAQ:NVDA) criticizes the Biden administration's new export restrictions, warning the move disrupts global AI progress and weakens U.S. competitiveness. It's important to note that Nvidia shares are currently trading in the red at $131.77, down 3.05%, in pre-market activity as of 7:30 AM ET.
The rules, set for announcement soon, limit which countries access advanced U.S. AI chips and the quantities they receive. Nvidia's VP of government affairs, Ned Finkle, says the restrictions stifle innovation and erode America's technological leadership.This overreach imposes controls on semiconductors, systems, and software, undermining U.S. innovation, Finkle states in a blog post.
He notes the rules take 120 days to enforce but already harm U.S. business interests.Nvidia argues the regulations target more than China and Russia, impacting mainstream technologies worldwide. The company urges policymakers to prioritize innovation, competition, and economic growth to maintain America's edge in AI development.
This article first appeared on GuruFocus.
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