Only a few years ago, the Biden administration declared export controls a “new strategic asset” to help the US maintain “as large a lead as possible” over China in advanced technology. President Donald Trump is now upending that approach.

Nvidia is already the world’s most valuable company being one of the biggest beneficiaries of the global artificial intelligence boom.

U.S. officials now view export restrictions as a key part of broader negotiations with China, including discussions on access to critical rare earth materials.