Nvidia has taken a $5.5 billion charge related to U.S. limits on exports of its H20 chips to China. Huang estimated the restrictions could cost Nvidia up to $15 billion in lost revenue. The company's China market share dropped to 50% from 95% since the Biden administration imposed the AI diffusion rule,

U.S. export controls on artificial intelligence chips to China were "a failure" as they have cost American companies billions of dollars in lost sales, Nvidia Chief Executive Jensen Huang said on Wednesday.

Nvidia Corp. chief Jensen Huang blasted the “failure” of US restrictions intended to contain China’s technological ascent, calling on the White House to lower barriers to AI chip sales before American firms cede that market to up-and-coming rivals such as Huawei Technologies Co.