NVIDIA's stock experienced a notable decline of 3.08%, losing $4.18 per share and reaching $131.72 during trading on the U.S. stock market. This downturn comes after the company sharply criticized proposed export restrictions on artificial intelligence (AI) chips by the Biden administration.
In an official statement, Ned Finkel, Vice President of Government Affairs at NVIDIA, expressed concerns that the new policies could undermine the United States' leadership in AI. Finkel argued that these restrictions would hinder global innovation and economic growth, warning that the regulations would impose bureaucratic complexities on the design and marketing of semiconductors and software, ultimately disrupting the nation's technological progress.
NVIDIA also contested the effectiveness of the proposed restrictions, stating that the targeted technologies are already widely available in consumer markets, such as in gaming and smart devices. The company emphasized that these measures would diminish the global competitiveness of the U.S., undermining the innovation that has propelled its dominance in the tech sector.
NVIDIA’s statements highlight the growing tensions between technology companies and policymakers in Washington, as businesses warn that excessive regulation could impede scientific and technological advancements, particularly in the rapidly evolving field of AI.
