Nvidia on Thursday criticized a reported plan by the Joe Biden administration to impose new restrictions on AI chip exports, saying that the outgoing U.S. leader should not "preempt incoming President Trump" by enacting a last-minute policy.

"We would encourage President Biden to not preempt incoming President Trump by enacting a policy that will only harm the US economy, set America back, and play into the hands of US adversaries," Nvidia VP Ned Finkle tells Reuters on Friday.

KEY TAKEAWAYS In its last days in the White House, the Biden administration reportedly is planning new regulations that could be announced as soon as Friday to further limit the export of artificial intelligence (AI) chips by companies like Nvidia.