AsianFin -- Nvidia CEO Jensen Huang has endorsed the Trump administration’s move to revise U.S. export controls on artificial intelligence chips, calling the current restrictions a “failure” that have cost American companies billions in lost revenue.

Speaking on Wednesday, Huang criticized the Biden administration’s AI export framework, which categorizes countries into three tiers and blocks advanced AI chip exports to China altogether. The Nvidia chief argued that the rules have not achieved their intended goals and have instead hurt U.S. tech firms' global competitiveness.

The Trump team has indicated plans to modify the restrictions, a shift welcomed by executives like Huang who are seeking more balanced trade policies in the high-stakes AI race.